Cytokinetics (NASDAQ:CYTK) Stock Rating Upgraded by Citigroup

Cytokinetics (NASDAQ:CYTK) was upgraded by investment analysts at Citigroup to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

A number of other research analysts also recently commented on CYTK. Truist Financial set a $106.00 price objective on shares of Cytokinetics in a research report on Tuesday, May 5th. Morgan Stanley boosted their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. UBS Group set a $119.00 price objective on shares of Cytokinetics in a research report on Wednesday, May 6th. Wall Street Zen raised shares of Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Stifel Nicolaus boosted their price objective on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and an average price target of $99.30.

Cytokinetics Price Performance

NASDAQ CYTK opened at $76.45 on Monday. The company’s 50 day simple moving average is $66.51 and its 200 day simple moving average is $64.83. Cytokinetics has a 12 month low of $29.81 and a 12 month high of $80.20. The company has a market capitalization of $9.51 billion, a P/E ratio of -11.18 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same quarter in the previous year, the firm earned ($1.36) earnings per share. The firm’s revenue for the quarter was up 1112.5% compared to the same quarter last year. On average, analysts anticipate that Cytokinetics will post -6.27 earnings per share for the current year.

Insider Buying and Selling

In other Cytokinetics news, EVP Andrew Callos sold 15,857 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $65.00, for a total value of $1,030,705.00. Following the completion of the sale, the executive vice president directly owned 58,555 shares of the company’s stock, valued at $3,806,075. This represents a 21.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $77.37, for a total transaction of $270,795.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $11,907,397.74. This trade represents a 2.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 177,476 shares of company stock valued at $11,294,769. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its holdings in shares of Cytokinetics by 361.9% in the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after purchasing an additional 225,576 shares during the last quarter. Cetera Investment Advisers grew its holdings in Cytokinetics by 12.4% during the 2nd quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock worth $219,000 after acquiring an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares during the last quarter. Gabelli Funds LLC grew its holdings in Cytokinetics by 29.4% during the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock worth $278,000 after acquiring an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in Cytokinetics by 10.8% during the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock worth $4,712,000 after acquiring an additional 13,911 shares during the last quarter.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.