Cytokinetics (NASDAQ:CYTK) Given New $71.00 Price Target at Barclays

Cytokinetics (NASDAQ:CYTK) had its price target lifted by Barclays from $53.00 to $71.00 in a research note issued to investors on Wednesday, MarketBeat reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Several other analysts have also issued reports on the stock. Mizuho cut their price target on shares of Cytokinetics from $103.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday, May 29th. Needham & Company LLC restated a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research report on Tuesday. Royal Bank Of Canada cut their price target on shares of Cytokinetics from $82.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Evercore ISI upped their price objective on shares of Cytokinetics from $60.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Raymond James Financial began coverage on shares of Cytokinetics in a report on Wednesday, July 30th. They set a “market perform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.38.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK opened at $53.01 on Wednesday. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $59.39. The firm has a fifty day moving average of $37.62 and a 200 day moving average of $37.80. The firm has a market capitalization of $6.34 billion, a PE ratio of -10.39 and a beta of 0.62.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.22. The company had revenue of $66.77 million during the quarter, compared to analysts’ expectations of $1.95 million. During the same quarter last year, the firm posted ($1.31) earnings per share. The firm’s revenue was up 26727.3% on a year-over-year basis. On average, sell-side analysts forecast that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $38.31, for a total transaction of $76,620.00. Following the completion of the transaction, the executive vice president directly owned 140,610 shares in the company, valued at approximately $5,386,769.10. This trade represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Edward M. Md Kaye sold 6,756 shares of Cytokinetics stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $50.00, for a total transaction of $337,800.00. Following the transaction, the director owned 23,230 shares of the company’s stock, valued at $1,161,500. The trade was a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,756 shares of company stock valued at $1,171,560 over the last three months. Corporate insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently made changes to their positions in CYTK. Raymond James Financial Inc. bought a new stake in Cytokinetics in the 4th quarter worth approximately $254,000. Algert Global LLC grew its position in Cytokinetics by 20.6% in the 4th quarter. Algert Global LLC now owns 58,680 shares of the biopharmaceutical company’s stock worth $2,760,000 after purchasing an additional 10,010 shares during the period. Ameriprise Financial Inc. grew its position in Cytokinetics by 38.8% in the 4th quarter. Ameriprise Financial Inc. now owns 752,401 shares of the biopharmaceutical company’s stock worth $35,393,000 after purchasing an additional 210,266 shares during the period. Brevan Howard Capital Management LP bought a new stake in Cytokinetics in the 4th quarter worth approximately $422,000. Finally, Deep Track Capital LP grew its position in Cytokinetics by 296.9% in the 4th quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock worth $117,600,000 after purchasing an additional 1,870,094 shares during the period.

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.