Cytokinetics, Incorporated (NASDAQ:CYTK) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Cytokinetics, with 19 buy ratings, one hold and one sell among 21 analysts. The average 12-month price target is $102.20, implying upside from the reported $77.09 share price.
• Several firms recently raised their targets, including Needham and Truist to $112, while UBS upgraded the stock to “buy” and lifted its target to $115.
• Cytokinetics beat quarterly expectations, reporting an adjusted loss of $1.50 per share versus the $1.63 consensus loss and revenue of $28.62 million versus estimates of $17.59 million. However, revenue declined 57.1% year over year, and insiders sold $9.38 million of stock during the last quarter.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the twenty-one research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nineteen have given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $102.20.

A number of analysts have weighed in on CYTK shares. Citigroup reissued a "market outperform" rating on shares of Cytokinetics in a research report on Friday, August 7th. Needham & Company LLC upped their target price on Cytokinetics from $102.00 to $112.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Truist Financial raised their target price on Cytokinetics from $106.00 to $112.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Morgan Stanley lifted their target price on Cytokinetics from $90.00 to $103.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Finally, UBS Group upgraded Cytokinetics from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $69.00 to $115.00 in a report on Monday, June 29th.

Insider Activity at Cytokinetics

In other news, EVP Sung Lee sold 1,112 shares of Cytokinetics stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total value of $97,622.48. Following the completion of the sale, the executive vice president owned 63,221 shares in the company, valued at $5,550,171.59. The trade was a 1.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $75.82, for a total transaction of $265,370.00. Following the transaction, the executive vice president owned 153,902 shares in the company, valued at $11,668,849.64. The trade was a 2.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 118,679 shares of company stock worth $9,382,724. Corporate insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its stake in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after acquiring an additional 673 shares during the period. Kemnay Advisory Services Inc. bought a new position in shares of Cytokinetics in the fourth quarter valued at approximately $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Cytokinetics during the fourth quarter valued at approximately $29,000. Quarry LP purchased a new stake in shares of Cytokinetics during the third quarter valued at approximately $30,000. Finally, TD Waterhouse Canada Inc. bought a new stake in Cytokinetics during the fourth quarter worth $32,000.

Cytokinetics Stock Performance

Cytokinetics stock opened at $77.09 on Tuesday. The firm has a market cap of $9.59 billion, a price-to-earnings ratio of -10.68 and a beta of 0.39. Cytokinetics has a 52-week low of $35.22 and a 52-week high of $88.31. The firm has a 50 day moving average price of $80.20 and a two-hundred day moving average price of $71.89.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping the consensus estimate of ($1.63) by $0.13. The firm had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. The company's quarterly revenue was down 57.1% compared to the same quarter last year. During the same quarter last year, the company earned ($1.12) earnings per share. As a group, equities research analysts predict that Cytokinetics will post -6 EPS for the current fiscal year.

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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