Cytokinetics (NASDAQ:CYTK) Hits New 12-Month High - Should You Buy?

Key Points

• Cytokinetics shares reached a new 52-week high at $60.14, significantly increasing from a prior close of $56.97, with a trading volume of 198,690 shares.
• The company's recent quarterly earnings report showed an earnings per share of ($1.12), surpassing analysts' estimates and reflecting a massive revenue increase of 26,727.3% year-over-year.
• Analyst ratings on Cytokinetics vary, with a consensus rating of "Moderate Buy" and an average target price of $76.64, indicating potential growth despite mixed analyst sentiments.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report)'s share price hit a new 52-week high on Monday . The stock traded as high as $59.80 and last traded at $60.14, with a volume of 198690 shares trading hands. The stock had previously closed at $56.97.

Analyst Ratings Changes

CYTK has been the topic of several research reports. Wall Street Zen raised Cytokinetics from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 10th. Bank of America raised their price target on shares of Cytokinetics from $52.00 to $56.00 and gave the stock a "neutral" rating in a research report on Thursday. Raymond James Financial initiated coverage on shares of Cytokinetics in a research report on Wednesday, July 30th. They set a "market perform" rating for the company. JMP Securities reissued a "market outperform" rating and issued a $78.00 target price on shares of Cytokinetics in a report on Tuesday, September 2nd. Finally, JPMorgan Chase & Co. lowered their target price on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a report on Monday, June 9th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $76.64.

Cytokinetics Trading Up 5.9%

The stock has a fifty day moving average of $43.64 and a 200-day moving average of $38.54. The firm has a market capitalization of $7.22 billion, a price-to-earnings ratio of -11.84 and a beta of 0.67.

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

Insider Transactions at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $38.15, for a total transaction of $190,750.00. Following the sale, the chief executive officer directly owned 393,108 shares of the company's stock, valued at $14,997,070.20. The trade was a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $49.28, for a total value of $98,560.00. Following the completion of the sale, the executive vice president owned 140,610 shares of the company's stock, valued at $6,929,260.80. The trade was a 1.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,451 shares of company stock valued at $2,096,561 over the last ninety days. Corporate insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in Cytokinetics by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company's stock valued at $98,948,000 after acquiring an additional 56,961 shares in the last quarter. Vestal Point Capital LP grew its position in 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 in the last quarter. Westfield Capital Management Co. LP increased its stake in Cytokinetics by 2.4% in the 1st quarter. Westfield Capital Management Co. LP now owns 1,310,336 shares of the biopharmaceutical company's stock valued at $52,662,000 after buying an additional 30,346 shares during the period. Norges Bank purchased a new stake in Cytokinetics in the 2nd quarter worth approximately $39,122,000. Finally, Brown Advisory Inc. lifted its position in Cytokinetics by 0.9% in the 1st quarter. Brown Advisory Inc. now owns 1,086,300 shares of the biopharmaceutical company's stock worth $43,658,000 after buying an additional 9,869 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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