JPMorgan Chase & Co. Lowers Cytokinetics (NASDAQ:CYTK) Price Target to $53.00

Cytokinetics (NASDAQ:CYTK) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $71.00 to $53.00 in a report released on Monday,Benzinga reports. The firm presently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 53.45% from the stock’s previous close.

CYTK has been the topic of a number of other reports. Mizuho cut their price target on shares of Cytokinetics from $103.00 to $84.00 and set an “outperform” rating on the stock in a research report on Thursday, May 29th. Barclays cut their price target on shares of Cytokinetics from $55.00 to $53.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. HC Wainwright restated a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a report on Monday, April 21st. Cantor Fitzgerald upgraded Cytokinetics to a “strong-buy” rating in a report on Tuesday, May 13th. Finally, Morgan Stanley set a $67.00 price target on Cytokinetics in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Cytokinetics currently has an average rating of “Moderate Buy” and an average target price of $70.92.

Cytokinetics Stock Performance

Cytokinetics stock opened at $34.54 on Monday. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. Cytokinetics has a 1 year low of $29.31 and a 1 year high of $61.38. The company has a market cap of $4.13 billion, a PE ratio of -6.42 and a beta of 0.59. The company’s 50-day moving average is $34.97 and its two-hundred day moving average is $42.70.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.41) by $0.05. The business had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.77 million. During the same quarter in the previous year, the company posted ($1.33) earnings per share. The business’s revenue for the quarter was up 89.1% on a year-over-year basis. Equities analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Andrew Callos sold 2,775 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $44.38, for a total value of $123,154.50. Following the transaction, the executive vice president now directly owns 34,888 shares in the company, valued at approximately $1,548,329.44. This represents a 7.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Muna Bhanji sold 1,454 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $29.73, for a total transaction of $43,227.42. Following the completion of the transaction, the director now owns 23,510 shares in the company, valued at $698,952.30. This trade represents a 5.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,800 shares of company stock worth $3,518,893. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently modified their holdings of the business. Fifth Third Bancorp lifted its position in Cytokinetics by 42.2% during the first 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. State of Michigan Retirement System lifted its position in Cytokinetics by 1.1% during the first quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company’s stock worth $1,133,000 after purchasing an additional 300 shares during the period. Louisiana State Employees Retirement System lifted its position in Cytokinetics by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company’s stock worth $1,330,000 after purchasing an additional 300 shares during the period. State of Alaska Department of Revenue lifted its position in Cytokinetics by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 13,820 shares of the biopharmaceutical company’s stock worth $555,000 after purchasing an additional 365 shares during the period. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Cytokinetics by 189.8% in the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 374 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.