Analysts Set Cytokinetics, Incorporated (NASDAQ:CYTK) Price Target at $83.67

Cytokinetics, Incorporated (NASDAQ:CYTK) has received an average rating of “Moderate Buy” from the sixteen research firms that are presently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $83.67.

CYTK has been the topic of several recent analyst reports. Royal Bank of Canada assumed coverage on Cytokinetics in a research note on Friday, November 8th. They set an “outperform” rating and a $80.00 target price on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Wednesday, September 4th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. The Goldman Sachs Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and dropped their price target for the company from $85.00 to $60.00 in a report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th.

Insiders Place Their Bets

In other news, EVP Fady Ibraham Malik sold 6,342 shares of Cytokinetics stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $58.48, for a total transaction of $370,880.16. Following the sale, the executive vice president now owns 113,878 shares in the company, valued at $6,659,585.44. This trade represents a 5.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction on Monday, November 18th. The shares were sold at an average price of $50.55, for a total transaction of $252,750.00. Following the completion of the sale, the chief executive officer now owns 397,456 shares in the company, valued at approximately $20,091,400.80. This represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,078 shares of company stock worth $3,514,119. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System raised its holdings in shares of Cytokinetics by 0.6% during the 3rd quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the biopharmaceutical company’s stock worth $1,721,000 after acquiring an additional 200 shares in the last quarter. UMB Bank n.a. raised its stake in Cytokinetics by 65.6% during the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 238 shares in the last quarter. First Bank & Trust raised its stake in Cytokinetics by 4.7% during the second quarter. First Bank & Trust now owns 6,757 shares of the biopharmaceutical company’s stock valued at $366,000 after purchasing an additional 303 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Cytokinetics by 2.9% during the third quarter. Nisa Investment Advisors LLC now owns 15,062 shares of the biopharmaceutical company’s stock valued at $795,000 after purchasing an additional 430 shares during the last quarter. Finally, J.Safra Asset Management Corp grew its stake in shares of Cytokinetics by 642.3% in the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 456 shares in the last quarter.

Cytokinetics Price Performance

CYTK opened at $51.09 on Wednesday. Cytokinetics has a 1 year low of $30.68 and a 1 year high of $110.25. The stock has a 50-day moving average price of $53.94 and a 200-day moving average price of $55.01. The firm has a market cap of $6.03 billion, a PE ratio of -9.50 and a beta of 0.78. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The firm had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. The business’s quarterly revenue was up 22.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.35) EPS. Sell-side analysts predict that Cytokinetics will post -4.32 earnings per share for the current fiscal year.

About Cytokinetics

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.