Evercore ISI Forecasts Strong Price Appreciation for Cytokinetics (NASDAQ:CYTK) Stock

Key Points

• Cytokinetics has had its target price raised from $60.00 to $80.00 by Evercore ISI, representing a potential upside of 61.22% from its current stock price.
• The biopharmaceutical company reported $66.77 million in revenue for the last quarter, significantly beating analyst estimates of $1.95 million.
• Currently, Cytokinetics has an average rating of "Moderate Buy" with several analysts issuing "buy" ratings and a target price average of $74.00.

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its price target raised by Evercore ISI from $60.00 to $80.00 in a research note issued on Wednesday, MarketBeat.com reports. The brokerage currently has an "outperform" rating on the biopharmaceutical company's stock. Evercore ISI's price target would indicate a potential upside of 50.91% from the stock's previous close.

Other analysts have also recently issued reports about the stock. Stifel Nicolaus boosted their price objective 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. Barclays lowered their target price on Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Wall Street Zen upgraded Cytokinetics from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 10th. Royal Bank Of Canada reduced their price target on shares of Cytokinetics from $82.00 to $80.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Finally, Raymond James Financial began coverage on shares of Cytokinetics in a report on Wednesday, July 30th. They issued a "market perform" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $75.38.

Cytokinetics Price Performance

CYTK stock traded up $3.26 during midday trading on Wednesday, hitting $53.01. The stock had a trading volume of 3,722,451 shares, compared to its average volume of 2,537,097. The firm has a market cap of $6.34 billion, a PE ratio of -10.39 and a beta of 0.62. Cytokinetics has a 12-month low of $29.31 and a 12-month high of $59.39. The company's 50-day moving average price is $37.62 and its 200 day moving average price is $37.74.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million during the quarter, compared to analysts' expectations of $1.95 million. The firm's revenue was up 26727.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.31) earnings per share. As a group, sell-side analysts anticipate that Cytokinetics will post -5.24 EPS for the current year.

Insider Buying and Selling

In other Cytokinetics news, Director Edward M. Md Kaye sold 6,756 shares of Cytokinetics stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $50.00, for a total transaction of $337,800.00. Following the completion of the sale, the director owned 23,230 shares of the company's stock, valued at $1,161,500. This trade represents a 22.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $38.31, for a total transaction of $76,620.00. Following the sale, the executive vice president directly owned 140,610 shares of the company's stock, valued at $5,386,769.10. This trade represents a 1.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,756 shares of company stock valued at $1,171,560. Company insiders own 2.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CYTK. Fifth Third Bancorp boosted its holdings in Cytokinetics by 42.2% during the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 291 shares during the last quarter. State of Michigan Retirement System raised its position in shares of Cytokinetics by 1.1% in the first quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company's stock valued at $1,133,000 after purchasing an additional 300 shares during the period. Louisiana State Employees Retirement System raised its position in shares of Cytokinetics by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company's stock valued at $1,330,000 after purchasing an additional 300 shares during the period. Teacher Retirement System of Texas raised its position in shares of Cytokinetics by 1.1% in the second quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company's stock valued at $1,008,000 after purchasing an additional 341 shares during the period. Finally, State of Alaska Department of Revenue increased its position in Cytokinetics by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 13,820 shares of the biopharmaceutical company's stock worth $555,000 after acquiring an additional 365 shares during the period.

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.