JPMorgan Chase & Co. Cuts Cytokinetics (NASDAQ:CYTK) Price Target to $65.00

Cytokinetics (NASDAQ:CYTK) had its target price trimmed by JPMorgan Chase & Co. from $77.00 to $65.00 in a report published on Monday morning, Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Several other brokerages have also commented on CYTK. Truist Financial cut their target price on Cytokinetics from $86.00 to $70.00 and set a buy rating on the stock in a research report on Wednesday, May 29th. Bank of America cut their target price on Cytokinetics from $70.00 to $60.00 and set a neutral rating on the stock in a research report on Thursday, May 23rd. Raymond James dropped their price target on Cytokinetics from $92.00 to $70.00 and set an outperform rating on the stock in a research note on Thursday, May 23rd. Oppenheimer dropped their price target on Cytokinetics from $107.00 to $106.00 and set an outperform rating on the stock in a research note on Thursday, May 9th. Finally, JMP Securities dropped their price target on Cytokinetics from $106.00 to $78.00 and set a market outperform rating on the stock in a research note on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $77.06.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $53.90 on Monday. Cytokinetics has a one year low of $25.98 and a one year high of $110.25. The stock’s 50-day moving average is $57.95 and its 200 day moving average is $66.74. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of -9.98 and a beta of 0.74.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The company had revenue of $0.84 million during the quarter, compared to the consensus estimate of $0.91 million. During the same quarter last year, the firm posted ($1.38) EPS. Cytokinetics’s quarterly revenue was down 81.8% compared to the same quarter last year. On average, sell-side analysts expect that Cytokinetics will post -4.55 EPS for the current fiscal year.

Insider Activity

In other news, EVP Fady Ibraham Malik sold 32,605 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total value of $2,422,877.55. Following the completion of the transaction, the executive vice president now directly owns 138,567 shares of the company’s stock, valued at $10,296,913.77. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $52.55, for a total value of $262,750.00. Following the completion of the transaction, the director now directly owns 20,600 shares of the company’s stock, valued at $1,082,530. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total value of $2,422,877.55. Following the transaction, the executive vice president now directly owns 138,567 shares of the company’s stock, valued at $10,296,913.77. The disclosure for this sale can be found here. Insiders sold a total of 133,093 shares of company stock valued at $7,892,234 over the last three months. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently bought and sold shares of CYTK. First Turn Management LLC bought a new position in Cytokinetics during the fourth quarter valued at $67,414,000. Westfield Capital Management Co. LP bought a new position in Cytokinetics during the first quarter valued at $51,277,000. Norges Bank bought a new position in Cytokinetics during the fourth quarter valued at $60,299,000. Assenagon Asset Management S.A. bought a new position in Cytokinetics during the fourth quarter valued at $46,308,000. Finally, Fisher Asset Management LLC bought a new position in Cytokinetics during the fourth quarter valued at $44,754,000.

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.