Cytokinetics (NASDAQ:CYTK) Price Target Lowered to $53.00 at Barclays

Cytokinetics (NASDAQ:CYTK) had its price objective lowered by research analysts at Barclays from $55.00 to $53.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. Barclays‘s price target indicates a potential upside of 67.25% from the company’s current price.

A number of other research analysts have also issued reports on CYTK. Stifel Nicolaus assumed coverage on shares of Cytokinetics in a research note on Wednesday, January 22nd. They set a “buy” rating and a $80.00 price target on the stock. Evercore ISI upgraded Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Royal Bank of Canada reduced their price target on Cytokinetics from $82.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday. Bank of America dropped their price objective on Cytokinetics from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Finally, HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a report on Monday, April 21st. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and a consensus target price of $74.44.

Cytokinetics Stock Down 2.4 %

CYTK opened at $31.69 on Thursday. The business has a 50 day moving average price of $40.18 and a two-hundred day moving average price of $46.01. Cytokinetics has a 52 week low of $31.67 and a 52 week high of $64.61. The company has a market cap of $3.78 billion, a PE ratio of -5.89 and a beta of 0.81. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, topping the consensus estimate of ($1.41) by $0.05. The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.77 million. During the same period in the prior year, the business earned ($1.33) earnings per share. Cytokinetics’s revenue for the quarter was up 89.1% compared to the same quarter last year. As a group, research analysts anticipate that Cytokinetics will post -5.24 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert I. Blum sold 16,970 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $43.44, for a total value of $737,176.80. Following the sale, the chief executive officer now directly owns 364,181 shares of the company’s stock, valued at approximately $15,820,022.64. This trade represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Andrew Callos sold 4,002 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $36.68, for a total transaction of $146,793.36. Following the transaction, the executive vice president now directly owns 60,687 shares in the company, valued at approximately $2,225,999.16. This represents a 6.19 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,362 shares of company stock valued at $3,899,118. Corporate insiders own 2.70% of the company’s stock.

Institutional Trading of Cytokinetics

A number of institutional investors and hedge funds have recently made changes to their positions in CYTK. Jones Financial Companies Lllp grew its position in Cytokinetics by 189.8% during the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 374 shares during the period. Centricity Wealth Management LLC purchased a new stake in shares of Cytokinetics during the 4th quarter worth about $29,000. Fifth Third Bancorp grew its holdings in shares of Cytokinetics by 42.2% during the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 291 shares during the period. Parallel Advisors LLC increased its position in Cytokinetics by 500.5% during the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 916 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Cytokinetics by 281.0% in the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock valued at $45,000 after buying an additional 826 shares during the period.

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.