Cytokinetics (NASDAQ:CYTK) Reaches New 1-Year High on Analyst Upgrade

Cytokinetics, Incorporated (NASDAQ:CYTK)’s share price reached a new 52-week high on Tuesday after Royal Bank Of Canada raised their price target on the stock from $82.00 to $87.00. Royal Bank Of Canada currently has an outperform rating on the stock. Cytokinetics traded as high as $64.99 and last traded at $64.7350, with a volume of 487168 shares. The stock had previously closed at $62.20.

Several other equities analysts have also weighed in on CYTK. JMP Securities reissued a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research report on Tuesday, September 2nd. HC Wainwright reissued a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research report on Monday, September 29th. Bank of America raised their price target on shares of Cytokinetics from $52.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday, October 2nd. Stifel Nicolaus lifted their price target on shares of Cytokinetics from $87.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, September 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a report on Tuesday, September 2nd. Thirteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $77.86.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $49.77, for a total transaction of $248,850.00. Following the transaction, the chief executive officer owned 373,108 shares of the company’s stock, valued at approximately $18,569,585.16. This trade represents a 1.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Wendell Wierenga sold 4,375 shares of the business’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $58.68, for a total value of $256,725.00. Following the completion of the sale, the director directly owned 32,444 shares in the company, valued at $1,903,813.92. This represents a 11.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 56,983 shares of company stock valued at $3,165,356 in the last 90 days. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently modified their holdings of CYTK. UMB Bank n.a. boosted its stake in shares of Cytokinetics by 10.6% during the 3rd quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock worth $97,000 after buying an additional 169 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of Cytokinetics by 32.3% in the 3rd quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock valued at $59,000 after buying an additional 262 shares during the last quarter. State of Michigan Retirement System grew its stake in shares of Cytokinetics by 1.1% in the first quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company’s stock valued at $1,133,000 after buying an additional 300 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in Cytokinetics by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company’s stock valued at $1,330,000 after acquiring an additional 300 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in Cytokinetics by 1.1% in the second quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company’s stock valued at $1,008,000 after acquiring an additional 341 shares during the last quarter.

Cytokinetics Stock Performance

The business has a fifty day moving average of $55.80 and a two-hundred day moving average of $42.28. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of -12.71 and a beta of 0.58.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) EPS for the quarter, beating the consensus estimate of ($1.59) by $0.05. The firm had revenue of $1.94 million during the quarter, compared to analyst estimates of $6.05 million. Cytokinetics’s revenue for the quarter was up 318.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.36) EPS. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

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.