Cytokinetics (NASDAQ:CYTK) Sets New 12-Month High – Here’s What Happened

Cytokinetics, Incorporated (NASDAQ:CYTK)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $84.56 and last traded at $85.2180, with a volume of 14620 shares changing hands. The stock had previously closed at $82.19.

Analysts Set New Price Targets

A number of brokerages have commented on CYTK. Robert W. Baird set a $84.00 price objective on shares of Cytokinetics in a report on Tuesday, March 10th. Morgan Stanley boosted their target price on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. HC Wainwright upped their target price on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Needham & Company LLC reissued a “buy” rating and set a $102.00 price target on shares of Cytokinetics in a research note on Wednesday, June 17th. Finally, Stifel Nicolaus raised their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $100.00.

Cytokinetics Trading Up 4.1%

The company has a market cap of $10.65 billion, a P/E ratio of -12.41 and a beta of 0.42. The firm’s 50 day moving average price is $72.96 and its 200-day moving average price is $66.92.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. The firm’s quarterly revenue was up 1112.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.36) EPS. Analysts predict that Cytokinetics, Incorporated will post -6.26 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In related news, Director Edward M. Md Kaye sold 2,933 shares of Cytokinetics stock in a transaction on Monday, June 1st. The stock was sold at an average price of $76.09, for a total transaction of $223,171.97. Following the completion of the sale, the director directly owned 10,283 shares of the company’s stock, valued at $782,433.47. The trade was a 22.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $370,400.00. Following the sale, the director directly owned 15,784 shares of the company’s stock, valued at approximately $1,169,278.72. This trade represents a 24.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 117,239 shares of company stock worth $8,115,505. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds have recently added to or reduced their stakes in CYTK. Kemnay Advisory Services Inc. acquired a new position in shares of Cytokinetics during the 4th quarter worth about $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Cytokinetics in the 4th quarter valued at approximately $29,000. TD Waterhouse Canada Inc. bought a new position in Cytokinetics during the 4th quarter worth approximately $32,000. Northwestern Mutual Wealth Management Co. boosted its stake in 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 during the last quarter. Finally, Quarry LP acquired a new position in Cytokinetics during the third quarter valued at approximately $30,000.

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.