Cytokinetics (NASDAQ:CYTK) Shares Gap Up Following Analyst Upgrade

Key Points

• Cytokinetics shares surged after Citigroup upgraded its price target from $77.00 to $84.00, leading to an opening price of $44.91 after a previous close of $35.33.
• The company's recent quarterly earnings report exceeded expectations with an earnings per share (EPS) of ($1.12), significantly better than the consensus estimate of ($1.34).
• Cytokinetics has received mixed ratings, with two analysts giving a Strong Buy rating, ten a Buy rating, and three a Hold rating, resulting in a consensus rating of "Moderate Buy."

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) gapped up prior to trading on Tuesday after Barclays raised their price target on the stock from $53.00 to $71.00. The stock had previously closed at $35.33, but opened at $44.91. Barclays currently has an overweight rating on the stock. Cytokinetics shares last traded at $49.22, with a volume of 3,460,697 shares trading hands.

CYTK has been the topic of a number of other reports. Royal Bank Of Canada lowered their price target on Cytokinetics from $82.00 to $80.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Mizuho lowered their price target on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating on the stock in a report on Thursday, May 29th. JPMorgan Chase & Co. lowered their price target on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a report on Monday, June 9th. JMP Securities reissued a "market outperform" rating and set a $78.00 price target on shares of Cytokinetics in a report on Tuesday. Finally, Raymond James Financial began coverage on Cytokinetics in a report on Wednesday, July 30th. They set a "market perform" rating on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $75.38.

Insider Buying and Selling

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

Institutional Investors Weigh In On Cytokinetics

Several institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp lifted its holdings in shares of Cytokinetics by 42.2% during the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after buying an additional 291 shares during the last quarter. State of Michigan Retirement System lifted its holdings in shares of Cytokinetics by 1.1% during the 1st quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company's stock valued at $1,133,000 after buying an additional 300 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of Cytokinetics by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company's stock valued at $1,330,000 after buying an additional 300 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Cytokinetics by 1.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company's stock valued at $1,008,000 after buying an additional 341 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Cytokinetics by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 13,820 shares of the biopharmaceutical company's stock valued at $555,000 after buying an additional 365 shares during the last quarter.

Cytokinetics Trading Up 6.6%

The firm has a market capitalization of $6.34 billion, a price-to-earnings ratio of -10.39 and a beta of 0.62. The company has a fifty day moving average price of $37.62 and a 200-day moving average price of $37.80.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share 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 the consensus estimate of $1.95 million. During the same period in the previous year, the business posted ($1.31) earnings per share. The firm's revenue was up 26727.3% on a year-over-year basis. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

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.