Cytokinetics (NASDAQ:CYTK) Sets New 1-Year High - Should You Buy?

Key Points

• Cytokinetics shares hit a new 52-week high, trading as high as $84.56 after closing at $82.19, reflecting strong recent momentum in the stock.
• Wall Street sentiment remains positive, with several firms raising price targets and the consensus rating sitting at “Moderate Buy” with a $100 average target price.
• The company recently posted better-than-expected revenue of $19.36 million in its latest quarter, while insiders have also been selling shares and institutions such as Millennium Management have increased their holdings.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) shares hit a new 52-week high during trading on Monday . The company traded as high as $84.56 and last traded at $85.2180, with a volume of 14620 shares trading hands. The stock had previously closed at $82.19.

Wall Street Analyst Weigh In

CYTK has been the topic of a number of recent research reports. Stifel Nicolaus lifted their target price on Cytokinetics from $98.00 to $108.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Barclays upped their price target on Cytokinetics from $87.00 to $95.00 and gave the company an "overweight" rating in a report on Monday, April 6th. Wells Fargo & Company raised their price objective on Cytokinetics from $95.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. UBS Group raised Cytokinetics from a "neutral" rating to a "buy" rating and set a $115.00 price objective on the stock in a report on Monday. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $119.00 price objective on shares of Cytokinetics in a research report on Wednesday, June 17th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $100.00.

Cytokinetics Stock Performance

The company has a 50-day moving average of $72.96 and a 200 day moving average of $66.92. The firm has a market cap of $10.65 billion, a P/E ratio of -12.41 and a beta of 0.42.

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 company had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same quarter last year, the company earned ($1.36) earnings per share. The business's revenue was up 1112.5% on a year-over-year basis. Sell-side analysts anticipate that Cytokinetics, Incorporated will post -6.26 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 7,500 shares of the business's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $70.46, for a total value of $528,450.00. Following the transaction, the chief executive officer directly owned 385,330 shares in the company, valued at $27,150,351.80. The trade was a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Edward M. Md Kaye sold 2,933 shares of the company's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $76.09, for a total transaction of $223,171.97. Following the sale, the director directly owned 10,283 shares in the company, valued at $782,433.47. This represents a 22.19% 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 have sold 117,239 shares of company stock worth $8,115,505 in the last quarter. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Millennium Management LLC increased its holdings in Cytokinetics by 361.9% during the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock valued at $11,571,000 after purchasing an additional 225,576 shares in the last quarter. Cetera Investment Advisers boosted its stake in Cytokinetics by 12.4% in the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company's stock worth $219,000 after purchasing an additional 731 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock worth $25,000 after purchasing an additional 673 shares in the last quarter. Gabelli Funds LLC grew its holdings in shares of Cytokinetics by 29.4% during the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company's stock worth $278,000 after purchasing an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of Cytokinetics by 10.8% during the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company's stock worth $4,712,000 after purchasing an additional 13,911 shares during the last quarter.

About Cytokinetics

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.