Barclays Raises Cytokinetics (NASDAQ:CYTK) Price Target to $71.00

Key Points

• Barclays has raised its price target for Cytokinetics (NASDAQ:CYTK) from $53.00 to $71.00, suggesting a potential upside of 46.87% from the previous close.
• Other analysts also raised their price targets, with Citigroup setting a new target of $84.00 and providing a "buy" rating, while Needham & Company issued a target price of $72.00.
• Cytokinetics reported positive earnings for the quarter, beating estimates with a revenue of $66.77 million and an EPS of ($1.12), surpassing analysts' expectations.

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its target price hoisted by investment analysts at Barclays from $53.00 to $71.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the biopharmaceutical company's stock. Barclays's target price would indicate a potential upside of 46.87% from the company's previous close.

A number of other equities analysts have also issued reports on CYTK. Citigroup upped their target price on Cytokinetics from $77.00 to $84.00 and gave the company a "buy" rating in a research report on Tuesday. Needham & Company LLC reaffirmed a "buy" rating and issued a $72.00 target price on shares of Cytokinetics in a research report on Tuesday. Stifel Nicolaus upped their target price on Cytokinetics from $87.00 to $96.00 and gave the company a "buy" rating in a research report on Tuesday. Wall Street Zen raised Cytokinetics from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 10th. Finally, Mizuho cut their target price on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating on the stock in a research report on Thursday, May 29th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.38.

Cytokinetics Price Performance

NASDAQ CYTK traded down $1.28 on Wednesday, reaching $48.34. The company had a trading volume of 1,048,742 shares, compared to its average volume of 1,814,219. The firm has a market capitalization of $5.78 billion, a PE ratio of -9.41 and a beta of 0.62. Cytokinetics has a 1 year low of $29.31 and a 1 year high of $59.39. The firm has a 50-day moving average of $36.57 and a 200-day moving average of $37.64.

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

Insider Transactions at Cytokinetics

In related news, CEO Robert I. Blum sold 5,000 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $33.80, for a total transaction of $169,000.00. Following the completion of the transaction, the chief executive officer owned 403,108 shares of the company's stock, valued at $13,625,050.40. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Andrew Callos sold 8,659 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $32.04, for a total value of $277,434.36. Following the transaction, the executive vice president directly owned 52,028 shares of the company's stock, valued at $1,666,977.12. This represents a 14.27% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,051 shares of company stock worth $1,565,710. Corporate insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its stake in Cytokinetics by 1.9% during the second quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company's stock valued at $98,948,000 after buying an additional 56,961 shares in the last quarter. Vestal Point Capital LP lifted its holdings in shares of Cytokinetics by 14.8% during the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company's stock valued at $98,294,000 after purchasing an additional 384,469 shares during the last quarter. Deep Track Capital LP lifted its holdings in shares of Cytokinetics by 296.9% during the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock valued at $117,600,000 after purchasing an additional 1,870,094 shares during the last quarter. Orbimed Advisors LLC lifted its holdings in shares of Cytokinetics by 106.5% during the fourth quarter. Orbimed Advisors LLC now owns 1,584,005 shares of the biopharmaceutical company's stock valued at $74,512,000 after purchasing an additional 817,099 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its holdings in shares of Cytokinetics by 2.4% during the first quarter. Westfield Capital Management Co. LP now owns 1,310,336 shares of the biopharmaceutical company's stock valued at $52,662,000 after purchasing an additional 30,346 shares during 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.

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