Barclays Issues Positive Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Key Points

• Barclays raised its price target on Cytokinetics from $87 to $95 and maintained an "overweight" rating, implying roughly a 45.45% upside from the prior close.
• Analyst coverage is broadly positive with a consensus "Moderate Buy" (17 Buys, 3 Holds, 1 Sell) and a consensus target price of $90.32.
• Company insiders have been net sellers—including the CEO's sale of 36,601 shares—and the firm reported quarterly EPS of -$1.50 (slightly below estimates) while revenue of $17.76M beat expectations.

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its target price upped by investment analysts at Barclays from $87.00 to $95.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "overweight" rating on the biopharmaceutical company's stock. Barclays's price objective would suggest a potential upside of 45.45% from the stock's previous close.

Several other analysts have also issued reports on the stock. Morgan Stanley set a $90.00 price objective on shares of Cytokinetics in a report on Thursday, January 8th. Truist Financial boosted their price target on shares of Cytokinetics from $84.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, February 3rd. UBS Group upped their price objective on shares of Cytokinetics from $61.00 to $69.00 and gave the stock a "neutral" rating in a report on Friday, March 6th. Robert W. Baird set a $84.00 target price on shares of Cytokinetics in a report on Tuesday, March 10th. Finally, Bank of America reissued a "neutral" rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Seventeen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $90.32.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK traded down $1.42 during trading on Monday, hitting $65.32. The company had a trading volume of 137,576 shares, compared to its average volume of 1,912,157. The stock has a market cap of $8.04 billion, a price-to-earnings ratio of -10.01 and a beta of 0.47. The company has a fifty day simple moving average of $63.81 and a two-hundred day simple moving average of $62.20. Cytokinetics has a one year low of $29.31 and a one year high of $70.98.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The firm had revenue of $17.76 million during the quarter, compared to analyst estimates of $8.02 million. During the same period last year, the business posted ($1.26) EPS. The company's revenue was up 4.9% on a year-over-year basis. On average, equities research analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 1,930 shares of the firm's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $62.07, for a total transaction of $119,795.10. Following the sale, the executive vice president directly owned 78,185 shares of the company's stock, valued at $4,852,942.95. This trade represents a 2.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert I. Blum sold 36,601 shares of Cytokinetics stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $2,274,752.15. Following the sale, the chief executive officer owned 430,330 shares of the company's stock, valued at approximately $26,745,009.50. This trade represents a 7.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 121,056 shares of company stock worth $7,491,747 over the last three months. 2.70% of the stock is currently owned by company insiders.

Institutional Trading of Cytokinetics

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its position in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock worth $25,000 after purchasing an additional 673 shares during the period. Kemnay Advisory Services Inc. acquired a new position in Cytokinetics during the 4th quarter valued at approximately $27,000. Kestra Advisory Services LLC bought a new position in Cytokinetics during the 4th quarter worth $29,000. Quarry LP bought a new position in Cytokinetics during the 3rd quarter worth $30,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in Cytokinetics in the fourth quarter worth $32,000.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company's most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.

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