Leerink Partners Issues Pessimistic Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Cytokinetics (NASDAQ:CYTK) had its target price lowered by equities researchers at Leerink Partners from $103.00 to $100.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Leerink Partners‘s price target would indicate a potential upside of 86.25% from the company’s previous close.

Several other research analysts have also commented on the stock. Needham & Company LLC raised their price objective on shares of Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research note on Friday, September 11th. Barclays upped their target price on shares of Cytokinetics from $95.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Truist Financial increased their target price on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Finally, UBS Group reissued a “buy” rating and issued a $104.00 price target on shares of Cytokinetics in a research report on Wednesday, October 14th. Nineteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $106.67.

Cytokinetics Trading Down 3.3%

Cytokinetics stock traded down $1.86 during trading on Thursday, hitting $53.69. The company had a trading volume of 2,561,135 shares, compared to its average volume of 1,601,659. The company’s 50 day simple moving average is $65.68 and its 200-day simple moving average is $69.97. Cytokinetics has a 1-year low of $53.55 and a 1-year high of $88.31. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of -8.89 and a beta of 0.45.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) EPS for the quarter, topping the consensus estimate of ($1.43) by $0.06. The firm had revenue of $47.56 million for the quarter, compared to analysts’ expectations of $41.88 million. The company’s quarterly revenue was up 2356.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($2.55) earnings per share. As a group, analysts forecast that Cytokinetics will post -5.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $62.81, for a total value of $471,075.00. Following the transaction, the chief executive officer owned 278,544 shares in the company, valued at approximately $17,495,348.64. This represents a 2.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Landry sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $72.13, for a total value of $72,130.00. Following the sale, the director directly owned 8,184 shares in the company, valued at $590,311.92. This trade represents a 10.89% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 180,926 shares of company stock valued at $12,510,340 in the last ninety days. Insiders own 2.60% of the company’s stock.

Institutional Trading of Cytokinetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pictet Asset Management Holding SA boosted its holdings in shares of Cytokinetics by 18.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 1,374,523 shares of the biopharmaceutical company’s stock valued at $90,569,000 after buying an additional 214,060 shares in the last quarter. Principal Financial Group Inc. raised its stake in Cytokinetics by 11.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company’s stock worth $72,072,000 after acquiring an additional 116,593 shares in the last quarter. Fisher Asset Management LLC raised its stake in Cytokinetics by 10.1% during the 3rd quarter. Fisher Asset Management LLC now owns 818,832 shares of the biopharmaceutical company’s stock worth $53,969,000 after acquiring an additional 75,135 shares in the last quarter. ADAR1 Capital Management LLC lifted its position in Cytokinetics by 17.1% in the first quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company’s stock valued at $41,692,000 after acquiring an additional 92,390 shares during the last quarter. Finally, Candriam S.C.A. lifted its position in Cytokinetics by 39.3% in the third quarter. Candriam S.C.A. now owns 617,386 shares of the biopharmaceutical company’s stock valued at $40,841,000 after acquiring an additional 174,320 shares during the last quarter.

Cytokinetics News Roundup

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Cytokinetics reported a third-quarter loss of $1.37 per share, narrower than the $1.43-per-share consensus loss, and revenue of $47.56 million versus expectations of $41.88 million. Revenue rose sharply year over year, and the loss narrowed from $2.55 per share a year earlier. Earnings results
• Positive Sentiment: RBC Capital Markets sees MYQORZO potentially driving a revenue inflection starting in 2027, supporting the longer-term growth case. RBC Capital Markets view
• Positive Sentiment: Analyst sentiment remained supportive: Morgan Stanley initiated a Buy view, while Citigroup raised its target to $105 and Leerink Partners set a new $100 target with an Outperform rating. Morgan Stanley rating Citigroup rating
• Neutral Sentiment: Leerink’s $100 target was reduced from $103, a modest cut that tempers the otherwise positive analyst news, though the firm maintained its Outperform rating. Leerink Partners rating

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.