Cytokinetics (NASDAQ:CYTK) Given New $54.00 Price Target at Bank of America

Cytokinetics (NASDAQ:CYTK) had its price target dropped by stock analysts at Bank of America from $62.00 to $54.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the biopharmaceutical company’s stock. Bank of America‘s price target points to a potential upside of 39.90% from the stock’s current price.

CYTK has been the topic of a number of other reports. JMP Securities reiterated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a report on Thursday, April 10th. Stifel Nicolaus began coverage on Cytokinetics in a report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research note on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research report on Tuesday, April 8th. Finally, Royal Bank of Canada upped their target price on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.63.

Cytokinetics Price Performance

NASDAQ CYTK traded down $1.21 on Tuesday, reaching $38.60. 1,514,593 shares of the stock traded hands, compared to its average volume of 1,586,814. Cytokinetics has a 12 month low of $32.74 and a 12 month high of $71.60. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The firm’s fifty day simple moving average is $42.95 and its 200 day simple moving average is $48.06. The company has a market cap of $4.60 billion, a price-to-earnings ratio of -7.17 and a beta of 0.94.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million. As a group, research analysts predict that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $36.77, for a total value of $183,850.00. Following the sale, the chief executive officer now directly owns 422,629 shares of the company’s stock, valued at approximately $15,540,068.33. This trade represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Andrew Callos sold 2,886 shares of the business’s stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $35.78, for a total value of $103,261.08. Following the transaction, the executive vice president now directly owns 64,689 shares of the company’s stock, valued at $2,314,572.42. This represents a 4.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,170 shares of company stock valued at $2,766,739 over the last 90 days. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Several large investors have recently added to or reduced their stakes in CYTK. Jones Financial Companies Lllp increased its position in shares of Cytokinetics by 189.8% during the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 374 shares during the period. Centricity Wealth Management LLC bought a new stake in Cytokinetics in the 4th quarter valued at $29,000. Parallel Advisors LLC lifted its holdings in shares of Cytokinetics by 500.5% during the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock worth $44,000 after acquiring an additional 916 shares during the period. GAMMA Investing LLC increased its stake in Cytokinetics by 281.0% in the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock valued at $45,000 after acquiring an additional 826 shares during the period. Finally, AlphaQuest LLC raised its position in Cytokinetics by 113,500.0% in the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 1,135 shares in the last quarter.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.