Cytokinetics, Incorporated (NASDAQ:CYTK) Receives $83.67 Consensus Target Price from Analysts

Cytokinetics, Incorporated (NASDAQ:CYTK) has been assigned an average recommendation of “Moderate Buy” from the sixteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $83.67.

Several analysts have issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. JMP Securities reissued a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research note on Wednesday, September 4th. Royal Bank of Canada assumed coverage on Cytokinetics in a research report on Friday, November 8th. They issued an “outperform” rating and a $80.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research report on Monday. Finally, The Goldman Sachs Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and cut their price target for the stock from $85.00 to $60.00 in a report on Tuesday, August 13th.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $51.09 on Wednesday. The business’s 50 day moving average price is $53.94 and its 200-day moving average price is $55.01. Cytokinetics has a fifty-two week low of $30.68 and a fifty-two week high of $110.25. The company has a market cap of $6.03 billion, a P/E ratio of -9.50 and a beta of 0.78. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The business had revenue of $0.46 million for the quarter, compared to analyst estimates of $1.21 million. The firm’s revenue was up 22.5% on a year-over-year basis. During the same quarter last year, the business earned ($1.35) EPS. Sell-side analysts predict that Cytokinetics will post -4.32 earnings per share for the current year.

Insider Activity at Cytokinetics

In other news, Director Wendall Wierenga sold 4,452 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $52.25, for a total transaction of $232,617.00. Following the transaction, the director now directly owns 24,559 shares of the company’s stock, valued at approximately $1,283,207.75. This represents a 15.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 7,384 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total value of $420,961.84. Following the sale, the executive vice president now owns 122,920 shares of the company’s stock, valued at approximately $7,007,669.20. This represents a 5.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,078 shares of company stock valued at $3,514,119 over the last quarter. 3.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds have recently modified their holdings of CYTK. Allspring Global Investments Holdings LLC grew its position in Cytokinetics by 19.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,416 shares of the biopharmaceutical company’s stock worth $239,000 after purchasing an additional 558 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Cytokinetics by 162.7% during the first quarter. Oppenheimer & Co. Inc. now owns 8,328 shares of the biopharmaceutical company’s stock valued at $584,000 after buying an additional 5,158 shares during the last quarter. Swiss National Bank increased its position in shares of Cytokinetics by 2.3% in the 1st quarter. Swiss National Bank now owns 174,200 shares of the biopharmaceutical company’s stock valued at $12,213,000 after acquiring an additional 3,900 shares during the period. Sei Investments Co. raised its stake in Cytokinetics by 20.1% in the 1st quarter. Sei Investments Co. now owns 58,314 shares of the biopharmaceutical company’s stock worth $4,088,000 after acquiring an additional 9,779 shares during the last quarter. Finally, Inspire Investing LLC lifted its position in Cytokinetics by 13.5% during the 1st quarter. Inspire Investing LLC now owns 5,087 shares of the biopharmaceutical company’s stock worth $357,000 after acquiring an additional 605 shares during the period.

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.