Brokerages Set Cytokinetics, Incorporated (NASDAQ:CYTK) Price Target at $80.27

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have been given an average recommendation of “Moderate Buy” by the fifteen brokerages that are covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $80.27.

Several research analysts have recently commented on CYTK shares. Bank of America decreased their price target on shares of Cytokinetics from $70.00 to $60.00 and set a “neutral” rating for the company in a report on Thursday, May 23rd. Truist Financial decreased their price target on shares of Cytokinetics from $86.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, May 29th. JPMorgan Chase & Co. reduced their target price on shares of Cytokinetics from $77.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, June 24th. HC Wainwright reissued a “buy” rating and set a $90.00 target price on shares of Cytokinetics in a research note on Monday, August 12th. Finally, Raymond James reduced their target price on shares of Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, May 23rd.

Cytokinetics Price Performance

Shares of CYTK stock opened at $57.08 on Friday. The firm has a market cap of $6.72 billion, a P/E ratio of -10.57 and a beta of 0.75. The company has a debt-to-equity ratio of 5.93, a current ratio of 10.39 and a quick ratio of 10.39. Cytokinetics has a 1-year low of $25.98 and a 1-year high of $110.25. The firm has a fifty day moving average of $56.03 and a two-hundred day moving average of $61.24.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The firm had revenue of $0.25 million for the quarter, compared to analyst estimates of $7.61 million. During the same period in the previous year, the business earned ($1.34) earnings per share. The business’s revenue for the quarter was down 71.3% on a year-over-year basis. As a group, research analysts anticipate that Cytokinetics will post -5.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 22,500 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $48.85, for a total transaction of $1,099,125.00. Following the sale, the chief executive officer now directly owns 439,145 shares in the company, valued at approximately $21,452,233.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $55.20, for a total value of $276,000.00. Following the sale, the director now directly owns 20,600 shares in the company, valued at approximately $1,137,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 22,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $48.85, for a total transaction of $1,099,125.00. Following the completion of the sale, the chief executive officer now owns 439,145 shares in the company, valued at $21,452,233.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 155,241 shares of company stock worth $8,374,862. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Cytokinetics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. J.Safra Asset Management Corp increased its position in shares of Cytokinetics by 642.3% in the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after acquiring an additional 456 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Cytokinetics by 94.1% in the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock worth $46,000 after acquiring an additional 318 shares in the last quarter. EntryPoint Capital LLC purchased a new position in shares of Cytokinetics in the first quarter worth approximately $74,000. Bessemer Group Inc. increased its position in shares of Cytokinetics by 25,100.0% in the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after acquiring an additional 1,255 shares in the last quarter. Finally, Quarry LP increased its position in shares of Cytokinetics by 233.3% in the second quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock worth $108,000 after acquiring an additional 1,400 shares in the last quarter.

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.