Cytokinetics (NASDAQ:CYTK) Price Target Cut to $53.00 by Analysts at JPMorgan Chase & Co.

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its price objective lowered by investment analysts at JPMorgan Chase & Co. from $71.00 to $53.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 62.48% from the stock's previous close.

Other equities analysts have also issued research reports about the company. Needham & Company LLC reissued a "buy" rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Wednesday, May 14th. Barclays reduced their price target on Cytokinetics from $55.00 to $53.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Cantor Fitzgerald raised shares of Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. HC Wainwright restated a "buy" rating and set a $120.00 price objective on shares of Cytokinetics in a research report on Monday, April 21st. Finally, Mizuho reduced their target price on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cytokinetics currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.92.

Cytokinetics Price Performance

Shares of Cytokinetics stock traded up $0.32 during trading hours on Monday, reaching $32.62. 334,412 shares of the company's stock were exchanged, compared to its average volume of 1,550,735. The business has a fifty day moving average of $35.24 and a two-hundred day moving average of $42.87. The company has a market capitalization of $3.90 billion, a P/E ratio of -6.07 and a beta of 0.59. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. Cytokinetics has a 1 year low of $29.31 and a 1 year high of $61.38.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, topping analysts' consensus estimates of ($1.41) by $0.05. The business had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.77 million. The business's revenue was up 89.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.33) earnings per share. As a group, research analysts predict that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 12,648 shares of Cytokinetics stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $44.38, for a total value of $561,318.24. Following the completion of the transaction, the chief executive officer now directly owns 326,533 shares of the company's stock, valued at $14,491,534.54. The trade was a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Edward M. Md Kaye sold 3,636 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $32.10, for a total transaction of $116,715.60. Following the sale, the director now directly owns 29,658 shares in the company, valued at $952,021.80. This represents a 10.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 91,800 shares of company stock worth $3,518,893 over the last ninety days. Corporate insiders own 2.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Jones Financial Companies Lllp lifted its holdings in Cytokinetics by 189.8% during the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company's stock worth $27,000 after buying an additional 374 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in shares of Cytokinetics during the fourth quarter worth $29,000. Fifth Third Bancorp raised its stake 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. Parallel Advisors LLC boosted its holdings in Cytokinetics by 500.5% in the first quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock valued at $44,000 after purchasing an additional 916 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Cytokinetics by 281.0% in the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock valued at $45,000 after purchasing an additional 826 shares during the period.

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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