Cytokinetics, Incorporated (NASDAQ:CYTK) Receives $99.90 Average PT from Brokerages

Cytokinetics, Incorporated (NASDAQ:CYTK) has been assigned an average recommendation of “Moderate Buy” from the twenty-one research firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $99.90.

A number of research analysts have weighed in on the company. Citigroup assumed coverage on Cytokinetics in a report on Monday, May 18th. They issued a “buy” rating and a $99.00 price objective on the stock. Wall Street Zen raised shares of Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Needham & Company LLC reissued a “buy” rating and issued a $102.00 price target on shares of Cytokinetics in a research note on Wednesday, June 17th. Finally, UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $69.00 to $115.00 in a research report on Monday, June 29th.

Cytokinetics Trading Up 3.2%

NASDAQ:CYTK opened at $81.37 on Friday. The stock has a 50 day moving average of $78.91 and a two-hundred day moving average of $70.86. Cytokinetics has a 12 month low of $32.89 and a 12 month high of $88.31. The firm has a market cap of $10.12 billion, a P/E ratio of -11.90 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.63) by $0.13. The firm had revenue of $28.62 million during the quarter, compared to analysts’ expectations of $17.59 million. The business’s revenue was down 57.1% compared to the same quarter last year. During the same quarter last year, the business earned ($1.12) EPS. On average, research analysts forecast that Cytokinetics will post -6.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $84.92, for a total transaction of $636,900.00. Following the transaction, the chief executive officer directly owned 377,830 shares in the company, valued at $32,085,323.60. The trade was a 1.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the sale, the director directly owned 15,784 shares of the company’s stock, valued at approximately $1,169,278.72. This represents a 24.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 115,179 shares of company stock valued at $9,126,054 in the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its holdings in shares of Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 673 shares during the period. Kemnay Advisory Services Inc. purchased a new position in Cytokinetics during the fourth quarter worth about $27,000. Kestra Advisory Services LLC acquired a new position in Cytokinetics in the 4th quarter valued at about $29,000. Quarry LP acquired a new position in Cytokinetics in the 3rd quarter valued at about $30,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in shares of Cytokinetics in the 4th quarter valued at approximately $32,000.

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.