JPMorgan Chase & Co. Boosts Cytokinetics (NASDAQ:CYTK) Price Target to $97.00

Cytokinetics (NASDAQ:CYTK) had its price objective raised by research analysts at JPMorgan Chase & Co. from $92.00 to $97.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 30.10% from the company’s current price.

A number of other research analysts also recently issued reports on CYTK. Leerink Partners reaffirmed an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Wall Street Zen upgraded Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday. Barclays boosted their target price on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Finally, UBS Group set a $119.00 price target on shares of Cytokinetics in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and an average target price of $98.55.

Cytokinetics Price Performance

Shares of CYTK remained flat at $74.56 on Tuesday. 574,205 shares of the company traded hands, compared to its average volume of 2,217,229. Cytokinetics has a 12 month low of $29.31 and a 12 month high of $80.20. The stock has a market cap of $9.28 billion, a P/E ratio of -10.90 and a beta of 0.38. The firm has a 50 day simple moving average of $64.73 and a 200 day simple moving average of $64.10.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same period last year, the company posted ($1.36) earnings per share. The business’s revenue was up 1112.5% compared to the same quarter last year. On average, equities research analysts forecast that Cytokinetics will post -6.33 earnings per share for the current year.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $77.37, for a total transaction of $270,795.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares in the company, valued at $11,907,397.74. The trade was a 2.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the sale, the executive vice president directly owned 58,555 shares of the company’s stock, valued at $3,806,075. The trade was a 21.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 169,976 shares of company stock worth $10,710,369. 2.60% of the stock is owned by insiders.

Institutional Trading of Cytokinetics

Large investors have recently added to or reduced their stakes in the business. Woodline Partners LP boosted its stake in shares of Cytokinetics by 676.1% during the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock worth $90,559,000 after acquiring an additional 1,435,422 shares during the last quarter. Norges Bank bought a new stake in shares of Cytokinetics during the 4th quarter valued at $51,281,000. Deep Track Capital LP increased its stake in shares of Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after purchasing an additional 650,000 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Cytokinetics by 151,987.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock worth $35,949,000 after purchasing an additional 565,393 shares during the period. Finally, Foresite Capital Management IV LLC bought a new position in Cytokinetics in the 3rd quarter worth $25,188,000.

Cytokinetics Company Profile

Cytokinetics, Inc is a late?stage biopharmaceutical company focused on the discovery and development of novel small?molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.