Cytokinetics (NASDAQ:CYTK) Price Target Raised to $56.00 at Bank of America

Key Points

• Bank of America has raised its price target for Cytokinetics (NASDAQ:CYTK) from $52.00 to $56.00, indicating a potential upside of 0.78% from the current stock price.
• The company's recent quarterly earnings showed a significant revenue increase of 26727.3% year-over-year, reporting $66.77 million, which exceeds analysts' expectations.
• Several analysts have varying ratings for Cytokinetics, with one Strong Buy, twelve Buy, and three Hold ratings, and an average price target of $75.86.

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its target price lifted by research analysts at Bank of America from $52.00 to $56.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the biopharmaceutical company's stock. Bank of America's price target indicates a potential upside of 0.78% from the company's current price.

A number of other equities research analysts have also commented on the company. Stifel Nicolaus increased their price target on Cytokinetics from $87.00 to $96.00 and gave the company a "buy" rating in a research report on Tuesday, September 2nd. Raymond James Financial initiated coverage on Cytokinetics in a research note on Wednesday, July 30th. They issued a "market perform" rating for the company. JMP Securities restated a "market outperform" rating and issued a $78.00 price objective on shares of Cytokinetics in a research note on Tuesday, September 2nd. HC Wainwright restated a "buy" rating and issued a $120.00 price objective on shares of Cytokinetics in a research note on Monday. Finally, JPMorgan Chase & Co. reduced their price objective on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a research note on Monday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Cytokinetics presently has an average rating of "Moderate Buy" and a consensus price target of $75.86.

Cytokinetics Stock Down 0.5%

NASDAQ CYTK traded down $0.27 on Thursday, reaching $55.57. The company had a trading volume of 837,074 shares, compared to its average volume of 1,921,136. The stock has a market capitalization of $6.65 billion, a P/E ratio of -10.90 and a beta of 0.67. The company's fifty day moving average is $42.87 and its 200 day moving average is $38.44. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $59.39.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS 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 analysts' expectations of $1.95 million. The company's quarterly revenue was up 26727.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.31) earnings per share. On average, research analysts expect that Cytokinetics will post -5.24 EPS for the current year.

Insider Activity

In other news, Director Edward M. Md Kaye sold 6,756 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $50.00, for a total transaction of $337,800.00. Following the transaction, the director owned 23,230 shares of the company's stock, valued at $1,161,500. This represents a 22.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $38.15, for a total value of $190,750.00. Following the transaction, the chief executive officer directly owned 393,108 shares in the company, valued at $14,997,070.20. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,451 shares of company stock valued at $2,096,561 in the last 90 days. Insiders own 2.70% of the company's stock.

Institutional Trading of Cytokinetics

A number of institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its holdings 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 worth $98,948,000 after purchasing an additional 56,961 shares in the last quarter. 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 purchasing an additional 384,469 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in Cytokinetics by 2.4% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,310,336 shares of the biopharmaceutical company's stock worth $52,662,000 after purchasing an additional 30,346 shares in the last quarter. Norges Bank purchased a new stake in Cytokinetics during the 2nd quarter worth about $39,122,000. Finally, Brown Advisory Inc. lifted its holdings in Cytokinetics by 0.9% during the 1st quarter. Brown Advisory Inc. now owns 1,086,300 shares of the biopharmaceutical company's stock worth $43,658,000 after purchasing 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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