Raymond James Cuts Cytokinetics (NASDAQ:CYTK) Price Target to $70.00

Cytokinetics (NASDAQ:CYTKFree Report) had its price objective cut by Raymond James from $92.00 to $70.00 in a report published on Thursday morning, Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

A number of other brokerages have also recently commented on CYTK. Mizuho reduced their price target on shares of Cytokinetics from $103.00 to $99.00 and set a buy rating on the stock in a research report on Wednesday, March 6th. UBS Group cut shares of Cytokinetics from a buy rating to a neutral rating and lifted their target price for the stock from $61.00 to $92.00 in a research report on Wednesday, January 24th. Needham & Company LLC cut their price target on shares of Cytokinetics from $108.00 to $72.00 and set a buy rating for the company in a research report on Thursday. Oppenheimer decreased their price objective on Cytokinetics from $107.00 to $106.00 and set an outperform rating on the stock in a report on Thursday, May 9th. Finally, Truist Financial restated a buy rating and set a $86.00 target price on shares of Cytokinetics in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Cytokinetics has an average rating of Moderate Buy and an average target price of $77.47.

View Our Latest Report on CYTK

Cytokinetics Stock Performance

NASDAQ CYTK opened at $48.30 on Thursday. Cytokinetics has a 52-week low of $25.98 and a 52-week high of $110.25. The company has a fifty day moving average of $65.80 and a 200-day moving average of $63.94. The company has a market capitalization of $5.06 billion, a P/E ratio of -8.94 and a beta of 0.72.

Cytokinetics (NASDAQ:CYTKGet Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The business had revenue of $0.84 million during the quarter, compared to analysts’ expectations of $0.91 million. The firm’s revenue was down 81.8% on a year-over-year basis. During the same period in the prior year, the business posted ($1.38) earnings per share. As a group, analysts forecast that Cytokinetics will post -4.55 EPS for the current fiscal year.

Insider Activity

In other Cytokinetics news, EVP Fady Ibraham Malik sold 32,604 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $67.56, for a total value of $2,202,726.24. Following the completion of the sale, the executive vice president now directly owns 138,973 shares in the company, valued at $9,389,015.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cytokinetics news, EVP Fady Ibraham Malik sold 32,604 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $67.56, for a total value of $2,202,726.24. Following the completion of the transaction, the executive vice president now owns 138,973 shares in the company, valued at $9,389,015.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John T. Henderson sold 10,562 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $64.54, for a total transaction of $681,671.48. Following the completion of the sale, the director now directly owns 32,070 shares in the company, valued at $2,069,797.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,318 shares of company stock valued at $6,319,540. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors have recently modified their holdings of CYTK. Fifth Third Bancorp boosted its stake in Cytokinetics by 94.1% in the 1st quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock worth $46,000 after purchasing an additional 318 shares in the last quarter. EntryPoint Capital LLC purchased a new position in Cytokinetics in the first quarter worth about $74,000. GAMMA Investing LLC bought a new position in shares of Cytokinetics in the fourth quarter worth approximately $80,000. Bessemer Group Inc. grew its holdings in shares of Cytokinetics by 25,100.0% during the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after buying an additional 1,255 shares during the last quarter. Finally, Sage Rhino Capital LLC bought a new stake in shares of Cytokinetics during the fourth quarter valued at approximately $204,000.

Cytokinetics Company Profile

(Get Free Report)

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.

Further Reading

Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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