Cytokinetics (NASDAQ:CYTK) Sets New 1-Year High – Here’s Why

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $68.49 and last traded at $68.2950, with a volume of 101645 shares changing hands. The stock had previously closed at $67.55.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CYTK. Evercore ISI lifted their target price on shares of Cytokinetics from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 3rd. JMP Securities reissued a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research note on Tuesday, September 2nd. Royal Bank Of Canada raised their price objective on shares of Cytokinetics from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 11th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research report on Tuesday, October 21st. Finally, HC Wainwright reissued a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research note on Monday, September 29th. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $77.86.

Cytokinetics Stock Performance

The business has a fifty day moving average of $59.09 and a 200-day moving average of $44.48. The company has a market capitalization of $8.32 billion, a P/E ratio of -13.37 and a beta of 0.58.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, topping the consensus estimate of ($1.59) by $0.05. The business had revenue of $1.94 million for the quarter, compared to analyst estimates of $6.05 million. During the same quarter in the previous year, the company posted ($1.36) EPS. The business’s quarterly revenue was up 318.1% on a year-over-year basis. Sell-side analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $49.77, for a total value of $248,850.00. Following the transaction, the chief executive officer owned 373,108 shares in the company, valued at $18,569,585.16. This trade represents a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward M. Md Kaye sold 6,757 shares of the company’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $60.00, for a total value of $405,420.00. Following the sale, the director owned 9,778 shares of the company’s stock, valued at $586,680. This trade represents a 40.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 67,358 shares of company stock worth $3,895,365 in the last quarter. 2.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently bought and sold shares of the company. UMB Bank n.a. raised its holdings in shares of Cytokinetics by 10.6% in the third quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock valued at $97,000 after purchasing an additional 169 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Cytokinetics by 8.1% in the third quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company’s stock valued at $191,000 after acquiring an additional 261 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Cytokinetics by 32.3% during the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock valued at $59,000 after acquiring an additional 262 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in Cytokinetics by 1.1% during the second quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company’s stock worth $1,008,000 after acquiring an additional 341 shares during the period. Finally, KLP Kapitalforvaltning AS boosted its position in Cytokinetics by 1.7% in the second quarter. KLP Kapitalforvaltning AS now owns 24,000 shares of the biopharmaceutical company’s stock worth $793,000 after purchasing an additional 400 shares during the last quarter.

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.