Cytokinetics (NASDAQ:CYTK) Stock Price Expected to Rise, B. Riley Analyst Says

Key Points

• B. Riley raised its price target for Cytokinetics (NASDAQ:CYTK) from $74.00 to $80.00, indicating a potential upside of 63.04% from the previous close.
• Despite B. Riley's positive outlook, other analysts have varying perspectives, with targets ranging from $53.00 to $84.00 and an overall consensus rating of "Moderate Buy."
• Cytokinetics reported a significant revenue increase of 26,727.3% in the last quarter compared to the same period last year, with earnings per share surpassing analyst estimates.

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its price objective increased by stock analysts at B. Riley from $74.00 to $80.00 in a report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the biopharmaceutical company's stock. B. Riley's price target points to a potential upside of 65.80% from the company's previous close.

CYTK has been the topic of several other research reports. Raymond James Financial initiated coverage on Cytokinetics in a report on Wednesday, July 30th. They set a "market perform" rating on the stock. HC Wainwright restated a "buy" rating and issued a $120.00 price objective on shares of Cytokinetics in a report on Monday. JMP Securities restated a "market outperform" rating and issued a $78.00 price objective on shares of Cytokinetics in a report on Tuesday, September 2nd. Needham & Company LLC reaffirmed a "buy" rating and set a $72.00 target price on shares of Cytokinetics in a research report on Tuesday, September 2nd. Finally, Barclays increased their price objective on Cytokinetics from $53.00 to $71.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Cytokinetics currently has an average rating of "Moderate Buy" and an average target price of $75.71.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK traded down $0.41 during midday trading on Monday, reaching $48.25. The company had a trading volume of 1,951,345 shares, compared to its average volume of 3,186,301. Cytokinetics has a one year low of $29.31 and a one year high of $59.39. The stock's fifty day moving average price is $40.98 and its 200-day moving average price is $38.00. The stock has a market capitalization of $5.77 billion, a P/E ratio of -9.46 and a beta of 0.62.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million for the quarter, compared to analyst estimates of $1.95 million. The business's revenue was up 26727.3% compared to the same quarter last year. During the same period last year, the firm posted ($1.31) EPS. As a group, sell-side analysts forecast that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Activity at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $38.15, for a total value of $190,750.00. Following the sale, the chief executive officer owned 393,108 shares in the company, valued at approximately $14,997,070.20. The trade was a 1.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $51.29, for a total value of $102,580.00. Following the completion of the sale, the executive vice president owned 140,610 shares in the company, valued at approximately $7,211,886.90. This trade represents a 1.40% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 31,756 shares of company stock worth $1,353,990. 3.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Cytokinetics during the second quarter valued at about $39,122,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. increased its holdings in Cytokinetics by 571.2% in the second quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company's stock worth $35,768,000 after purchasing an additional 921,278 shares in the last quarter. Paradigm Biocapital Advisors LP bought a new stake in Cytokinetics in the first quarter worth approximately $34,510,000. Jennison Associates LLC bought a new stake in shares of Cytokinetics during the first quarter valued at approximately $27,085,000. Finally, Frazier Life Sciences Management L.P. bought a new stake in shares of Cytokinetics during the second quarter valued at approximately $18,328,000.

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.