Cytokinetics, Incorporated (NASDAQ:CYTK) Stock Has Average Target Price of $106.67 According to Brokerages

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have been assigned an average recommendation of “Moderate Buy” from the twenty-one ratings firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and nineteen have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $106.67.

A number of analysts recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research note on Thursday, October 15th. HC Wainwright reaffirmed a “buy” rating and issued a $140.00 price target on shares of Cytokinetics in a research note on Monday, October 19th. Leerink Partners reduced their price target on shares of Cytokinetics from $103.00 to $100.00 and set an “outperform” rating for the company in a report on Thursday, November 5th. Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research report on Friday, September 11th.

Cytokinetics Price Performance

Shares of NASDAQ CYTK traded down $0.03 during midday trading on Friday, reaching $56.13. 1,013,535 shares of the stock were exchanged, compared to its average volume of 1,999,903. Cytokinetics has a 12 month low of $53.55 and a 12 month high of $88.31. The company has a market capitalization of $7.82 billion, a price-to-earnings ratio of -9.29 and a beta of 0.45. The business has a 50-day simple moving average of $64.11 and a two-hundred day simple moving average of $69.78.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) EPS for the quarter, beating analysts’ consensus estimates of ($1.43) by $0.06. The firm had revenue of $47.56 million during the quarter, compared to the consensus estimate of $41.88 million. Cytokinetics’s quarterly revenue was up 2356.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($2.55) EPS. Equities research analysts expect that Cytokinetics will post -5.85 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In other news, Director Robert Landry sold 1,000 shares of the company’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $72.13, for a total transaction of $72,130.00. Following the completion of the transaction, the director directly owned 8,184 shares of the company’s stock, valued at $590,311.92. This represents a 10.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $62.81, for a total value of $471,075.00. Following the transaction, the chief executive officer owned 278,544 shares of the company’s stock, valued at approximately $17,495,348.64. The trade was a 2.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 178,426 shares of company stock valued at $12,208,290. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

A number of large investors have recently bought and sold shares of CYTK. Pictet Asset Management Holding SA raised its holdings in shares of Cytokinetics by 18.4% in the third quarter. Pictet Asset Management Holding SA now owns 1,374,523 shares of the biopharmaceutical company’s stock valued at $90,569,000 after purchasing an additional 214,060 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Cytokinetics by 11.9% in the first quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company’s stock worth $72,072,000 after purchasing an additional 116,593 shares in the last quarter. GW&K Investment Management LLC boosted its holdings in Cytokinetics by 11.1% during the third quarter. GW&K Investment Management LLC now owns 1,017,714 shares of the biopharmaceutical company’s stock worth $67,078,000 after purchasing an additional 101,607 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Cytokinetics by 10.1% during the third quarter. Fisher Asset Management LLC now owns 818,832 shares of the biopharmaceutical company’s stock worth $53,969,000 after purchasing an additional 75,135 shares during the last quarter. Finally, ADAR1 Capital Management LLC boosted its stake in shares of Cytokinetics by 17.1% during the 1st quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company’s stock worth $41,692,000 after buying an additional 92,390 shares during the last quarter.

About Cytokinetics

Cytokinetics is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. Its research centers on therapies for conditions involving impaired cardiac muscle performance. The company’s work includes aficamten, a cardiac myosin inhibitor developed for hypertrophic cardiomyopathy, and other drug candidates designed to affect muscle contraction. Cytokinetics conducts research and clinical development through programs that may involve patients and collaborators in multiple countries.