Truist Financial Forecasts Strong Price Appreciation for Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics (NASDAQ:CYTK) had its target price boosted by analysts at Truist Financial from $84.00 to $92.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. Truist Financial’s price objective would indicate a potential upside of 41.19% from the stock’s previous close.

Several other brokerages also recently weighed in on CYTK. Needham & Company LLC increased their target price on Cytokinetics from $72.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. Leerink Partners set a $83.00 price objective on Cytokinetics in a research report on Monday, December 22nd. JPMorgan Chase & Co. raised their price objective on shares of Cytokinetics from $70.00 to $74.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Wednesday, January 21st. Finally, UBS Group reaffirmed a “neutral” rating and set a $61.00 price objective on shares of Cytokinetics in a research report on Monday, December 1st. Seventeen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Cytokinetics currently has an average rating of “Moderate Buy” and an average price target of $87.42.

Cytokinetics Trading Up 3.1%

Shares of NASDAQ:CYTK opened at $65.16 on Tuesday. The firm has a fifty day moving average price of $63.78 and a 200 day moving average price of $55.04. Cytokinetics has a 1 year low of $29.31 and a 1 year high of $70.98. The stock has a market capitalization of $7.97 billion, a PE ratio of -10.36 and a beta of 0.55.

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

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,200 shares of the company’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $61.24, for a total value of $134,728.00. Following the sale, the executive vice president directly owned 138,552 shares in the company, valued at $8,484,924.48. This represents a 1.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Wendell Wierenga sold 20,000 shares of Cytokinetics stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $66.14, for a total value of $1,322,800.00. Following the transaction, the director directly owned 32,444 shares of the company’s stock, valued at approximately $2,145,846.16. The trade was a 38.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 148,760 shares of company stock valued at $9,694,837 over the last ninety days. Company insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds have recently made changes to their positions in the company. UMB Bank n.a. boosted its position in 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 buying an additional 169 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of Cytokinetics by 8.1% during the third quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company’s stock worth $191,000 after buying an additional 261 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of Cytokinetics by 32.3% in 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. Danske Bank A S boosted its holdings in shares of Cytokinetics by 23.1% in the 4th quarter. Danske Bank A S now owns 1,600 shares of the biopharmaceutical company’s stock worth $102,000 after acquiring an additional 300 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its holdings 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 purchasing an additional 341 shares in the last quarter.

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.