Cytokinetics (NASDAQ:CYTK) Price Target Raised to $56.00

Cytokinetics (NASDAQ:CYTK) had its price objective lifted by Bank of America from $52.00 to $56.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a neutral rating on the biopharmaceutical company’s stock.

CYTK has been the subject of a number of other research reports. Citigroup raised their price objective on Cytokinetics from $77.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday, September 2nd. Wall Street Zen upgraded Cytokinetics from a “strong sell” rating to a “hold” rating in a research note on Sunday, August 10th. Barclays lifted their price target on shares of Cytokinetics from $53.00 to $71.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 3rd. HC Wainwright restated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research note on Monday, September 29th. Finally, B. Riley raised their price objective on shares of Cytokinetics from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.86.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $56.97 on Thursday. The company has a market cap of $6.82 billion, a PE ratio of -11.17 and a beta of 0.67. The firm has a fifty day moving average price of $43.64 and a two-hundred day moving average price of $38.58. Cytokinetics has a fifty-two week low of $29.31 and a fifty-two week high of $59.39.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to analyst estimates of $1.95 million. During the same period in the prior year, the company posted ($1.31) EPS. The firm’s quarterly revenue was up 26727.3% on a year-over-year basis. Analysts expect that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction on Monday, July 14th. The stock was sold at an average price of $38.15, for a total transaction of $190,750.00. Following the transaction, the chief executive officer owned 393,108 shares of the company’s stock, valued at approximately $14,997,070.20. This represents a 1.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $49.28, for a total value of $98,560.00. Following the completion of the sale, the executive vice president directly owned 140,610 shares of the company’s stock, valued at $6,929,260.80. This trade represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,451 shares of company stock worth $2,096,561 in the last quarter. Insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its stake in shares of Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 673 shares during the last quarter. Fifth Third Bancorp lifted its holdings in Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 291 shares during the period. Parallel Advisors LLC boosted its stake in Cytokinetics by 500.5% in the first quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock valued at $44,000 after acquiring an additional 916 shares during the last quarter. GAMMA Investing LLC grew its holdings in Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock worth $45,000 after acquiring an additional 826 shares during the period. Finally, UMB Bank n.a. raised its position in shares of Cytokinetics by 91.4% during the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company’s stock valued at $46,000 after acquiring an additional 552 shares during the last quarter.

Cytokinetics Company Profile

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.