JPMorgan Chase & Co. Raises Cytokinetics (NASDAQ:CYTK) Price Target to $75.00

Cytokinetics (NASDAQ:CYTK) had its target price boosted by JPMorgan Chase & Co. from $74.00 to $75.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 21.22% from the stock’s current price.

Several other analysts also recently issued reports on CYTK. Morgan Stanley set a $90.00 price target on Cytokinetics in a report on Thursday, January 8th. UBS Group upped their target price on Cytokinetics from $61.00 to $69.00 and gave the stock a “neutral” rating in a research report on Friday, March 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research note on Wednesday, January 21st. Citigroup reiterated a “market outperform” rating on shares of Cytokinetics in a report on Monday, December 22nd. Finally, Leerink Partners reissued an “outperform” rating on shares of Cytokinetics in a research report on Tuesday, March 10th. Seventeen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cytokinetics currently has an average rating of “Moderate Buy” and an average target price of $89.05.

Cytokinetics Price Performance

NASDAQ CYTK traded up $1.04 during mid-day trading on Tuesday, hitting $61.87. The company’s stock had a trading volume of 673,425 shares, compared to its average volume of 1,841,066. The firm has a market capitalization of $7.62 billion, a P/E ratio of -9.49 and a beta of 0.56. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $70.98. The stock’s fifty day simple moving average is $63.91 and its two-hundred day simple moving average is $60.74.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The business had revenue of $17.76 million for the quarter, compared to the consensus estimate of $8.02 million. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.26) EPS. On average, equities analysts forecast that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 2,907 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $60.72, for a total value of $176,513.04. Following the sale, the executive vice president owned 138,629 shares in the company, valued at approximately $8,417,552.88. This represents a 2.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Andrew Callos sold 26,000 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the transaction, the executive vice president directly owned 50,440 shares in the company, valued at $3,120,722.80. The trade was a 34.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 95,622 shares of company stock valued at $5,964,298. 3.40% of the stock is owned by insiders.

Institutional Trading of Cytokinetics

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of Montreal Can grew its position in shares of Cytokinetics by 1.2% in the 4th quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock worth $845,000 after acquiring an additional 160 shares in the last quarter. Kennedy Capital Management LLC raised its position in shares of Cytokinetics by 1.2% during the 4th quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock valued at $838,000 after acquiring an additional 162 shares in the last quarter. UMB Bank n.a. lifted its stake in Cytokinetics by 10.6% during the third quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock worth $97,000 after purchasing an additional 169 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Cytokinetics by 46.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after purchasing an additional 171 shares during the last quarter. Finally, Vident Advisory LLC boosted its holdings in Cytokinetics by 1.4% in the fourth quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock worth $1,046,000 after purchasing an additional 234 shares during the period.

Cytokinetics Company Profile

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.