Cytokinetics (NASDAQ:CYTK) Coverage Initiated by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo initiated coverage on Cytokinetics with an "overweight" rating and a $95 price target, implying roughly a 47% upside from the stock's recent level (~$64.59).
• Analyst consensus is a "Moderate Buy" with an average price target of $90.55 (1 Strong Buy, 17 Buy, 3 Hold, 1 Sell among analysts).
• Company insiders have been net sellers recently: the CEO and an EVP sold shares on March 17, and insiders sold a total of 125,556 shares worth $7.78M in the last three months while owning 2.70% of the stock.

Equities research analysts at Wells Fargo & Company began coverage on shares of Cytokinetics (NASDAQ:CYTK - Get Free Report) in a report released on Friday. The brokerage set an "overweight" rating and a $95.00 price target on the biopharmaceutical company's stock. Wells Fargo & Company's price target points to a potential upside of 47.08% from the company's current price.

A number of other brokerages have also weighed in on CYTK. Royal Bank Of Canada lifted their price target on shares of Cytokinetics from $95.00 to $101.00 and gave the company an "outperform" rating in a research note on Friday, February 20th. Truist Financial raised their price objective on shares of Cytokinetics from $84.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, February 3rd. UBS Group boosted their price objective on shares of Cytokinetics from $61.00 to $69.00 and gave the company a "neutral" rating in a research report on Friday, March 6th. Leerink Partners reaffirmed an "outperform" rating on shares of Cytokinetics in a research note on Tuesday, March 10th. Finally, Robert W. Baird set a $84.00 target price on Cytokinetics in a report on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cytokinetics presently has an average rating of "Moderate Buy" and an average price target of $90.55.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $64.59 on Friday. The company has a market capitalization of $7.95 billion, a P/E ratio of -9.89 and a beta of 0.47. The business has a 50-day moving average of $63.87 and a two-hundred day moving average of $62.47. Cytokinetics has a 1 year low of $29.31 and a 1 year high of $70.98.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data 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 quarter in the previous year, the business earned ($1.26) EPS. Cytokinetics's quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities analysts anticipate that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 12,033 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total transaction of $747,850.95. Following the completion of the transaction, the executive vice president directly owned 153,902 shares in the company, valued at $9,565,009.30. This represents a 7.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert I. Blum sold 36,601 shares of the firm's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $2,274,752.15. Following the completion of the transaction, the chief executive officer owned 430,330 shares of the company's stock, valued at $26,745,009.50. The trade was a 7.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 125,556 shares of company stock worth $7,784,742 in the last three months. 2.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Millennium Management LLC boosted its holdings in shares of Cytokinetics by 361.9% in the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock valued at $11,571,000 after buying an additional 225,576 shares during the last quarter. Cetera Investment Advisers increased its holdings in Cytokinetics by 12.4% during the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company's stock worth $219,000 after buying an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock worth $25,000 after buying an additional 673 shares during the last quarter. Gabelli Funds LLC raised its position in Cytokinetics by 29.4% during the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company's stock worth $278,000 after acquiring an additional 1,910 shares in the last quarter. Finally, California Public Employees Retirement System raised its position in Cytokinetics by 10.8% during the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company's stock worth $4,712,000 after acquiring an additional 13,911 shares in the last quarter.

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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