Brokerages Set Cytokinetics, Incorporated (NASDAQ:CYTK) Price Target at $84.95

Cytokinetics, Incorporated (NASDAQ:CYTK) has been assigned an average rating of “Moderate Buy” from the twenty ratings firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $84.9474.

Several research analysts have issued reports on CYTK shares. UBS Group reaffirmed a “neutral” rating and issued a $61.00 price target on shares of Cytokinetics in a report on Monday, December 1st. HC Wainwright lifted their target price on Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. The Goldman Sachs Group set a $95.00 target price on Cytokinetics and gave the stock a “buy” rating in a research report on Thursday, December 18th. Truist Financial set a $84.00 price target on Cytokinetics in a research report on Monday, December 22nd. Finally, Barclays lifted their price target on Cytokinetics from $82.00 to $87.00 and gave the stock an “overweight” rating in a research note on Monday, December 22nd.

Cytokinetics Trading Up 2.0%

NASDAQ:CYTK opened at $64.60 on Monday. The company has a 50-day moving average of $64.00 and a 200-day moving average of $52.35. The firm has a market cap of $7.90 billion, a price-to-earnings ratio of -10.27 and a beta of 0.55. Cytokinetics has a twelve month low of $29.31 and a twelve month high of $70.98.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) EPS for the quarter, topping analysts’ consensus estimates of ($1.59) by $0.05. The business had revenue of $1.94 million during the quarter, compared to the consensus estimate of $6.05 million. During the same quarter in the previous year, the firm earned ($1.36) earnings per share. The firm’s revenue for the quarter was up 318.1% compared to the same quarter last year. On average, research analysts forecast that Cytokinetics will post -5.24 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Wendell Wierenga sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the sale, the director owned 32,444 shares in the company, valued at $2,145,846.16. The trade was a 38.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John T. Henderson sold 8,750 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $63.90, for a total transaction of $559,125.00. Following the completion of the sale, the director owned 74,578 shares of the company’s stock, valued at approximately $4,765,534.20. This trade represents a 10.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 161,649 shares of company stock valued at $10,470,062 over the last 90 days. 2.70% of the stock is owned by corporate insiders.

Institutional Trading of Cytokinetics

Hedge funds have recently modified their holdings of the business. UMB Bank n.a. grew its holdings in shares of Cytokinetics by 10.6% during the third quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock valued at $97,000 after buying an additional 169 shares in the last quarter. CIBC Private Wealth Group LLC boosted its position in Cytokinetics by 8.1% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company’s stock worth $191,000 after acquiring an additional 261 shares during the period. Fifth Third Bancorp grew its stake in Cytokinetics by 32.3% during the 3rd 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 in the last quarter. Teacher Retirement System of Texas grew its stake in Cytokinetics by 1.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company’s stock valued at $1,008,000 after acquiring an additional 341 shares in the last quarter. Finally, KLP Kapitalforvaltning AS increased its holdings in shares of Cytokinetics by 1.7% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 24,000 shares of the biopharmaceutical company’s stock valued at $793,000 after purchasing an additional 400 shares during the period.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.