Cytokinetics (NASDAQ:CYTK) Trading 6.7% Higher – Time to Buy?

Cytokinetics, Incorporated (NASDAQ:CYTK) shares shot up 6.7% during trading on Tuesday . The company traded as high as $77.00 and last traded at $76.1450. 2,255,021 shares changed hands during trading, an increase of 5% from the average session volume of 2,145,973 shares. The stock had previously closed at $71.38.

Analyst Ratings Changes

Several equities analysts recently issued reports on CYTK shares. JPMorgan Chase & Co. boosted their price target on Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Citigroup started coverage on Cytokinetics in a research report on Monday, May 18th. They issued a “buy” rating and a $99.00 price target on the stock. Barclays boosted their price target on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, April 6th. Citizens Jmp boosted their price target on Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a research report on Wednesday, February 25th. Finally, Wells Fargo & Company boosted their price target on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $99.30.

Cytokinetics Trading Up 7.1%

The stock has a fifty day simple moving average of $70.50 and a two-hundred day simple moving average of $66.08. The company has a market cap of $9.51 billion, a PE ratio of -11.15 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. During the same period in the prior year, the firm posted ($1.36) EPS. Cytokinetics’s revenue for the quarter was up 1112.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Cytokinetics, Incorporated will post -6.29 EPS for the current fiscal year.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $70.46, for a total value of $528,450.00. Following the sale, the chief executive officer owned 385,330 shares of the company’s stock, valued at approximately $27,150,351.80. The trade was a 1.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Edward M. Md Kaye sold 2,933 shares of Cytokinetics stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $76.09, for a total value of $223,171.97. Following the completion of the sale, the director directly owned 10,283 shares in the company, valued at $782,433.47. This represents a 22.19% 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 115,669 shares of company stock worth $7,957,015 in the last three months. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Institutional investors have recently modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new stake in shares of Cytokinetics during the 4th quarter worth approximately $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Cytokinetics during the 4th quarter worth approximately $29,000. TD Waterhouse Canada Inc. purchased a new stake in shares of Cytokinetics during the 4th quarter worth approximately $32,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after acquiring an additional 171 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Cytokinetics during the 3rd quarter worth approximately $30,000.

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.