Brokerages Set Cytokinetics, Incorporated (NASDAQ:CYTK) Price Target at $84.07

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have earned an average rating of “Moderate Buy” from the fifteen research firms that are currently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $83.64.

Several equities analysts have issued reports on CYTK shares. Mizuho upped their target price on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. Royal Bank of Canada lifted their target price on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a report on Monday, December 2nd. Finally, HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a report on Friday, December 20th.

Cytokinetics Price Performance

Shares of NASDAQ CYTK opened at $47.37 on Thursday. The firm has a market cap of $5.59 billion, a P/E ratio of -8.80 and a beta of 0.82. Cytokinetics has a twelve month low of $45.66 and a twelve month high of $108.61. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The company has a 50 day moving average of $50.60 and a 200 day moving average of $53.57.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The business had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. The company’s quarterly revenue was up 22.5% on a year-over-year basis. During the same period last year, the firm posted ($1.35) earnings per share. As a group, research analysts expect that Cytokinetics will post -5.25 EPS for the current fiscal year.

Insider Activity

In related news, EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.19, for a total value of $395,587.00. Following the transaction, the executive vice president now directly owns 116,920 shares of the company’s stock, valued at approximately $6,335,894.80. The trade was a 5.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Wendall Wierenga sold 742 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $48.61, for a total transaction of $36,068.62. Following the sale, the director now directly owns 24,559 shares of the company’s stock, valued at approximately $1,193,812.99. This trade represents a 2.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 57,516 shares of company stock worth $3,004,383 in the last three months. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently modified their holdings of the stock. UMB Bank n.a. grew its position in shares of 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. Blue Trust Inc. raised its holdings in shares of Cytokinetics by 225.9% during the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after acquiring an additional 680 shares in the last quarter. Values First Advisors Inc. bought a new position in shares of Cytokinetics during the 3rd quarter valued at approximately $54,000. Quarry LP grew its holdings in shares of Cytokinetics by 233.3% in the second quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after purchasing an additional 1,400 shares in the last quarter. Finally, Avior Wealth Management LLC raised its stake in Cytokinetics by 57.1% during the third quarter. Avior Wealth Management LLC now owns 3,999 shares of the biopharmaceutical company’s stock valued at $211,000 after purchasing an additional 1,454 shares in the last quarter.

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.