Cytokinetics (NASDAQ:CYTK) Hits New 1-Year High - Here's Why

Key Points

• Cytokinetics shares reached a new 52-week high of $61.58, reflecting a significant increase from its previous closing price of $59.59, with over 1 million shares traded.
• Recent analyst reports have boosted price targets for Cytokinetics, with Barclays raising it from $71.00 to $82.00 and Evercore ISI lifting it from $60.00 to $80.00, indicating strong confidence in the stock.
• Despite posting a quarterly loss, Cytokinetics exceeded revenue expectations significantly, reporting $66.77 million, up over 26,000% from the same quarter last year.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $61.58 and last traded at $61.32, with a volume of 1032873 shares traded. The stock had previously closed at $59.59.

Wall Street Analyst Weigh In

CYTK has been the topic of several research analyst reports. Barclays boosted their price objective on Cytokinetics from $71.00 to $82.00 and gave the stock an "overweight" rating in a research report on Monday, October 6th. Bank of America boosted their price target on shares of Cytokinetics from $52.00 to $56.00 and gave the company a "neutral" rating in a research report on Thursday, October 2nd. Stifel Nicolaus raised their target price on shares of Cytokinetics from $87.00 to $96.00 and gave the company a "buy" rating in a research note on Tuesday, September 2nd. Needham & Company LLC restated a "buy" rating and set a $72.00 price target on shares of Cytokinetics in a research report on Tuesday, September 2nd. Finally, Evercore ISI lifted their target price on shares of Cytokinetics from $60.00 to $80.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $76.64.

Cytokinetics Stock Performance

The business's fifty day moving average price is $46.48 and its 200-day moving average price is $39.21. The stock has a market cap of $7.30 billion, a PE ratio of -11.97 and a beta of 0.67.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.34) by $0.22. The business had revenue of $66.77 million during the quarter, compared to analysts' expectations of $1.95 million. The business's quarterly revenue was up 26727.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.31) EPS. Analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In related news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $55.05, for a total transaction of $275,250.00. Following the transaction, the chief executive officer directly owned 368,108 shares of the company's stock, valued at $20,264,345.40. This trade represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $60.56, for a total value of $121,120.00. Following the completion of the transaction, the executive vice president owned 140,610 shares in the company, valued at $8,515,341.60. This trade represents a 1.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,208 shares of company stock valued at $2,364,831 in the last ninety days. Corporate insiders own 3.40% of the company's stock.

Institutional Trading of Cytokinetics

Several large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its stake in shares of Cytokinetics by 723.7% in 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. Fifth Third Bancorp lifted its position in shares of Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after acquiring an additional 291 shares in the last quarter. Hantz Financial Services Inc. lifted its holdings in Cytokinetics by 2,872.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company's stock valued at $43,000 after purchasing an additional 1,264 shares in the last quarter. GAMMA Investing LLC lifted its stake in Cytokinetics by 281.0% in the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after purchasing an additional 826 shares in the last quarter. Finally, Assetmark Inc. lifted its position in Cytokinetics by 11,510.0% during the first quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock worth $47,000 after buying an additional 1,151 shares in the last quarter.

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.

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