Cytokinetics (NASDAQ:CYTK) Price Target Raised to $84.00

Key Points

• Investment analysts at Citigroup have raised their price target for Cytokinetics from $77.00 to $84.00, indicating a potential upside of 71.44% from the current price and maintaining a "buy" rating.
• In its latest earnings report, Cytokinetics reported an earnings per share (EPS) of (1.12), surpassing the consensus estimate of (1.34), with revenue increasing significantly by 26,727.3% compared to the same quarter last year.
• The stock has a consensus rating of "Moderate Buy" among analysts, with two ratings as "Strong Buy," ten as "Buy," and three as "Hold."

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its price target lifted by investment analysts at Citigroup from $77.00 to $84.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. Citigroup's price target indicates a potential upside of 71.44% from the company's current price.

Several other equities research analysts also recently commented on the stock. Stifel Nicolaus upped their price objective on shares of Cytokinetics from $87.00 to $96.00 and gave the company a "buy" rating in a report on Tuesday. Royal Bank Of Canada lowered 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. Needham & Company LLC reiterated a "buy" rating and issued a $72.00 price objective on shares of Cytokinetics in a research note on Tuesday. Wall Street Zen raised shares of Cytokinetics from a "strong sell" rating to a "hold" rating in a report on Sunday, August 10th. Finally, Mizuho cut their price target on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $73.50.

Cytokinetics Stock Performance

NASDAQ CYTK traded up $13.67 on Tuesday, hitting $49.00. 7,945,320 shares of the stock traded hands, compared to its average volume of 1,788,155. The business's fifty day moving average is $36.25 and its two-hundred day moving average is $37.55. Cytokinetics has a 12 month low of $29.31 and a 12 month high of $59.39. The firm has a market capitalization of $5.86 billion, a price-to-earnings ratio of -9.69 and a beta of 0.62.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million during the quarter, compared to the consensus estimate of $1.95 million. The business's quarterly revenue was up 26727.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.31) earnings per share. Analysts expect that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Activity at Cytokinetics

In other news, Director Edward M. Md Kaye sold 3,636 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $32.10, for a total transaction of $116,715.60. Following the sale, the director owned 29,658 shares in the company, valued at approximately $952,021.80. This trade represents a 10.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Andrew Callos sold 8,659 shares of Cytokinetics stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $32.04, for a total transaction of $277,434.36. Following the sale, the executive vice president directly owned 52,028 shares of the company's stock, valued at $1,666,977.12. This represents a 14.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,295 shares of company stock valued at $1,227,910. Company insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Cytokinetics

Large investors have recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans boosted its holdings in shares of Cytokinetics by 1.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 28,119 shares of the biopharmaceutical company's stock worth $929,000 after purchasing an additional 449 shares in the last quarter. Hudson Bay Capital Management LP raised its holdings in shares of Cytokinetics by 7.1% during the 2nd quarter. Hudson Bay Capital Management LP now owns 157,786 shares of the biopharmaceutical company's stock valued at $5,213,000 after buying an additional 10,523 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Cytokinetics by 13.8% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 78,544 shares of the biopharmaceutical company's stock worth $2,596,000 after buying an additional 9,512 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Cytokinetics by 29.9% in the second quarter. Tower Research Capital LLC TRC now owns 11,086 shares of the biopharmaceutical company's stock worth $366,000 after buying an additional 2,551 shares in the last quarter. Finally, Exome Asset Management LLC boosted its stake in Cytokinetics by 43.9% in the second quarter. Exome Asset Management LLC now owns 115,817 shares of the biopharmaceutical company's stock worth $3,827,000 after buying an additional 35,334 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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