Cytokinetics (NASDAQ:CYTK) Reaches New 52-Week High – Here’s Why

Cytokinetics, Incorporated (NASDAQ:CYTK)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $80.80 and last traded at $78.9310, with a volume of 208890 shares changing hands. The stock had previously closed at $78.78.

Analyst Ratings Changes

Several equities research analysts have recently commented on CYTK shares. JPMorgan Chase & Co. boosted their price objective on Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. HC Wainwright lifted their price target on shares of Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Citizens Jmp upped their price objective on shares of Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Finally, Robert W. Baird set a $84.00 target price on shares of Cytokinetics in a report on Tuesday, March 10th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Cytokinetics Trading Down 0.1%

The stock has a market capitalization of $9.79 billion, a PE ratio of -11.49 and a beta of 0.42. The stock’s fifty day simple moving average is $71.45 and its 200-day simple moving average is $66.37.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. During the same period in the previous year, the business earned ($1.36) earnings per share. The firm’s revenue for the quarter was up 1112.5% on a year-over-year basis. As a group, analysts anticipate that Cytokinetics, Incorporated will post -6.29 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 15,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $1,111,200.00. Following the completion of the transaction, the executive vice president owned 58,555 shares in the company, valued at $4,337,754.40. This represents a 20.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $67.98, for a total value of $237,930.00. Following the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $10,462,257.96. This 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. Insiders sold a total of 113,739 shares of company stock valued at $7,837,220 in the last ninety days. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors have recently added to or reduced their stakes in the stock. Kemnay Advisory Services Inc. bought a new stake in Cytokinetics in the fourth quarter worth about $27,000. Kestra Advisory Services LLC bought a new stake in shares of Cytokinetics in the 4th quarter worth approximately $29,000. TD Waterhouse Canada Inc. purchased a new position in Cytokinetics in the fourth quarter valued at approximately $32,000. Northwestern Mutual Wealth Management Co. lifted its stake in Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after purchasing an additional 171 shares during the last quarter. Finally, Quarry LP bought a new position in Cytokinetics during the third quarter valued at $30,000.

About Cytokinetics

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.