Cytokinetics (NASDAQ:CYTK) Price Target Cut to $54.00 by Analysts at Bank of America

Cytokinetics (NASDAQ:CYTK) had its price target reduced by Bank of America from $62.00 to $54.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the biopharmaceutical company’s stock.

Other analysts also recently issued research reports about the stock. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a report on Thursday, April 10th. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a report on Tuesday. Citigroup initiated coverage on Cytokinetics in a report on Friday, February 7th. They set a “buy” rating and a $86.00 price target for the company. Stifel Nicolaus began coverage on Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price objective on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Tuesday, April 8th. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus target price of $81.63.

Cytokinetics Trading Up 0.8 %

Shares of NASDAQ:CYTK opened at $39.48 on Tuesday. The company has a market capitalization of $4.71 billion, a P/E ratio of -7.34 and a beta of 0.94. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The business’s 50 day simple moving average is $42.68 and its 200 day simple moving average is $47.84. Cytokinetics has a 1 year low of $32.74 and a 1 year high of $68.76.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) EPS for the quarter, topping analysts’ consensus estimates of ($1.29) by $0.03. The company had revenue of $16.93 million during the quarter, compared to the consensus estimate of $14.26 million. On average, research analysts anticipate that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $45.92, for a total value of $91,840.00. Following the transaction, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at $5,329,980.32. The trade was a 1.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John T. Henderson sold 3,190 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $38.66, for a total transaction of $123,325.40. Following the sale, the director now directly owns 66,348 shares of the company’s stock, valued at $2,565,013.68. This represents a 4.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,360 shares of company stock worth $2,890,065. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Jones Financial Companies Lllp raised its position 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 worth $27,000 after acquiring an additional 374 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in Cytokinetics during the fourth quarter worth approximately $29,000. Fifth Third Bancorp increased its holdings in Cytokinetics by 42.2% in 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 in the last quarter. Parallel Advisors LLC lifted its stake in Cytokinetics by 500.5% in the first quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock valued at $44,000 after buying an additional 916 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in shares of Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock worth $45,000 after buying an additional 826 shares in the last quarter.

Cytokinetics Company Profile

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.