Cytokinetics (NASDAQ:CYTK) Price Target Raised to $103.00

Cytokinetics (NASDAQ:CYTK) had its price target increased by Mizuho from $99.00 to $103.00 in a report published on Thursday,Benzinga reports. Mizuho currently has an outperform rating on the biopharmaceutical company’s stock.

A number of other analysts have also commented on CYTK. The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a report on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a report on Monday, November 18th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and an average target price of $83.93.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $49.10 on Thursday. The stock has a fifty day moving average of $53.60 and a 200 day moving average of $54.74. Cytokinetics has a 52 week low of $30.68 and a 52 week high of $110.25. The firm has a market capitalization of $5.79 billion, a price-to-earnings ratio of -9.13 and a beta of 0.78. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The company had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. During the same period last year, the firm earned ($1.35) earnings per share. The firm’s revenue for the quarter was up 22.5% compared to the same quarter last year. As a group, research analysts expect that Cytokinetics will post -5.25 earnings per share for the current year.

Insider Activity at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 7,384 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total transaction of $420,961.84. Following the sale, the executive vice president now directly owns 122,920 shares of the company’s stock, valued at $7,007,669.20. This trade represents a 5.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $57.03, for a total value of $285,150.00. Following the sale, the chief executive officer now directly owns 397,456 shares in the company, valued at $22,666,915.68. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,078 shares of company stock valued at $3,514,119 over the last ninety days. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Institutional investors have recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky boosted its position in Cytokinetics by 12.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 56,885 shares of the biopharmaceutical company’s stock worth $3,003,000 after purchasing an additional 6,300 shares during the last quarter. Geode Capital Management LLC boosted its position in Cytokinetics by 4.0% in the third quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock worth $150,433,000 after purchasing an additional 109,938 shares during the last quarter. XTX Topco Ltd purchased a new position in Cytokinetics in the third quarter worth about $521,000. Two Sigma Advisers LP purchased a new position in Cytokinetics in the third quarter worth about $11,336,000. Finally, Stifel Financial Corp boosted its position in Cytokinetics by 8.5% in the third quarter. Stifel Financial Corp now owns 25,067 shares of the biopharmaceutical company’s stock worth $1,324,000 after purchasing an additional 1,959 shares during 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.