Cytokinetics (NASDAQ:CYTK) Upgraded by Citigroup to “Strong-Buy” Rating

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

Several other equities research analysts also recently issued reports on CYTK. Barclays upped their price target on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. JPMorgan Chase & Co. upped their price target on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. HC Wainwright upped their price target on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Leerink Partners restated an “outperform” rating on shares of Cytokinetics in a research note on Tuesday, March 10th. Finally, Truist Financial set a $106.00 price objective on Cytokinetics in a research note on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $99.30.

Cytokinetics Trading Up 1.7%

Shares of Cytokinetics stock opened at $76.45 on Monday. The stock has a fifty day simple moving average of $66.51 and a 200 day simple moving average of $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 announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.67). The company had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. During the same quarter last year, the company posted ($1.36) EPS. The company’s quarterly revenue was up 1112.5% compared to the same quarter last year. On average, analysts predict that Cytokinetics will post -6.27 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 26,000 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $61.87, for a total value of $1,608,620.00. Following the completion of the transaction, the executive vice president owned 50,440 shares in the company, valued at $3,120,722.80. This represents a 34.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 12,033 shares of the company’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $747,850.95. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at $9,565,009.30. This trade represents a 7.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 177,476 shares of company stock worth $11,294,769 in the last quarter. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Cytokinetics by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after buying an additional 191,336 shares during the last quarter. State Street Corp lifted its holdings in Cytokinetics by 3.7% during the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock worth $370,139,000 after purchasing an additional 207,961 shares in the last quarter. Deep Track Capital LP lifted its holdings in Cytokinetics by 17.8% during the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after purchasing an additional 650,000 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Cytokinetics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock worth $194,214,000 after purchasing an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP lifted its holdings in Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after purchasing an additional 384,469 shares in 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.