Cytokinetics, Incorporated (NASDAQ:CYTK) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have been assigned an average recommendation of “Moderate Buy” from the twenty-one research firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $89.2778.

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Cytokinetics from $70.00 to $74.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Barclays assumed coverage on Cytokinetics in a research report on Wednesday, January 28th. They issued an “overweight” rating and a $87.00 target price on the stock. Morgan Stanley set a $90.00 price target on shares of Cytokinetics in a report on Thursday, January 8th. Citigroup restated a “market outperform” rating on shares of Cytokinetics in a research report on Monday, December 22nd. Finally, Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a report on Wednesday, February 25th.

Cytokinetics Stock Down 2.9%

Shares of NASDAQ CYTK opened at $60.41 on Tuesday. The firm’s 50-day moving average price is $63.95 and its two-hundred day moving average price is $59.57. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $70.98. The stock has a market capitalization of $7.44 billion, a P/E ratio of -9.25 and a beta of 0.56.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The firm had revenue of $17.76 million during the quarter, compared to the consensus estimate of $8.02 million. The company’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the business earned ($1.26) earnings per share. As a group, equities research analysts expect that Cytokinetics will post -5.24 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Andrew Callos sold 26,000 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $61.87, for a total value of $1,608,620.00. Following the completion of the transaction, the executive vice president owned 50,440 shares of the company’s stock, valued at approximately $3,120,722.80. This represents a 34.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Wendell Wierenga sold 20,000 shares of the company’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the completion of the sale, the director directly owned 32,444 shares of the company’s stock, valued at $2,145,846.16. The trade was a 38.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 83,735 shares of company stock worth $5,248,594. Insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Seven Fleet Capital Management LP bought a new stake in Cytokinetics during the fourth quarter worth approximately $657,000. Alpine Global Management LLC bought a new position in Cytokinetics during the 4th quarter valued at $381,000. Pacer Advisors Inc. increased its position in shares of Cytokinetics by 76.5% during the 4th quarter. Pacer Advisors Inc. now owns 27,783 shares of the biopharmaceutical company’s stock valued at $1,765,000 after purchasing an additional 12,043 shares during the period. Invesco Ltd. increased its position in shares of Cytokinetics by 30.3% during the 4th quarter. Invesco Ltd. now owns 204,878 shares of the biopharmaceutical company’s stock valued at $13,018,000 after purchasing an additional 47,629 shares during the period. Finally, Corient Private Wealth LLC raised its stake in shares of Cytokinetics by 527.1% in the 4th quarter. Corient Private Wealth LLC now owns 30,184 shares of the biopharmaceutical company’s stock worth $1,918,000 after buying an additional 25,371 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.