Cytokinetics (NASDAQ:CYTK) Price Target Raised to $118.00 at Mizuho

Key Points

• Mizuho raised its price target on Cytokinetics from $100 to $118 and kept an outperform rating, implying about 47.5% upside from the prior close.
• Other analysts have also been positive, including RBC, Needham, Barclays, JPMorgan, and UBS; the stock has a consensus rating of Moderate Buy with an average target price of $100.20.
• Cytokinetics recently reported quarterly revenue of $19.36 million, far above expectations, while insiders, including CEO Robert I. Blum, have sold shares in recent weeks.

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its price target upped by equities researchers at Mizuho from $100.00 to $118.00 in a report released on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the biopharmaceutical company's stock. Mizuho's price objective suggests a potential upside of 47.48% from the company's previous close.

Several other brokerages also recently issued reports on CYTK. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $119.00 price objective on shares of Cytokinetics in a research report on Wednesday, June 17th. Needham & Company LLC reissued a "buy" rating and set a $102.00 target price on shares of Cytokinetics in a research report on Wednesday, June 17th. Barclays upped their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the company an "overweight" rating in a research note on Monday, April 6th. JPMorgan Chase & Co. raised their price target on shares of Cytokinetics from $92.00 to $97.00 and gave the company an "overweight" rating in a report on Tuesday, May 12th. Finally, UBS Group set a $119.00 price target on shares of Cytokinetics in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Cytokinetics has an average rating of "Moderate Buy" and a consensus target price of $100.20.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK opened at $80.01 on Wednesday. Cytokinetics has a 1 year low of $32.22 and a 1 year high of $80.80. The stock has a market capitalization of $9.96 billion, a P/E ratio of -11.70 and a beta of 0.42. The stock has a 50-day simple moving average of $72.05 and a 200-day simple moving average of $66.58.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting analysts' consensus estimates of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. The company's quarterly revenue was up 1112.5% on a year-over-year basis. During the same period last year, the firm earned ($1.36) earnings per share. Analysts predict that Cytokinetics will post -6.29 earnings per share for the current year.

Insider Activity at Cytokinetics

In other news, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $70.46, for a total transaction of $528,450.00. Following the completion of the transaction, the chief executive officer directly owned 385,330 shares in the company, valued at approximately $27,150,351.80. This represents a 1.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $74.08, for a total transaction of $370,400.00. Following the completion of the sale, the director directly owned 15,784 shares in the company, valued at $1,169,278.72. This represents a 24.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 117,239 shares of company stock worth $8,115,505 over the last ninety days. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company's stock worth $765,538,000 after purchasing an additional 191,336 shares in the last quarter. State Street Corp raised its stake in Cytokinetics by 3.7% during the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company's stock valued at $370,139,000 after buying an additional 207,961 shares in the last quarter. Deep Track Capital LP lifted its holdings in Cytokinetics by 17.8% during the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock worth $236,328,000 after buying an additional 650,000 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Cytokinetics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company's stock worth $194,214,000 after buying an additional 15,815 shares during the last quarter. Finally, Vestal Point Capital LP lifted its holdings in Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company's stock worth $98,294,000 after buying an additional 384,469 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.