Cytokinetics (NASDAQ:CYTK) Trading Up 6.8% - What's Next?

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report)'s stock price was up 6.8% during trading on Wednesday . The stock traded as high as $36.04 and last traded at $36.57. Approximately 560,520 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 1,520,943 shares. The stock had previously closed at $34.25.

Analysts Set New Price Targets

Several equities analysts have commented on CYTK shares. Bank of America decreased their price objective on shares of Cytokinetics from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Needham & Company LLC restated a "buy" rating and set a $72.00 price objective on shares of Cytokinetics in a report on Wednesday, May 14th. Mizuho reduced their price objective on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. HC Wainwright restated a "buy" rating and set a $120.00 price objective on shares of Cytokinetics in a report on Monday, April 21st. 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 report on Monday, June 9th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $70.92.

Cytokinetics Stock Performance

The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of -6.85 and a beta of 0.59. The firm has a fifty day moving average price of $32.86 and a 200-day moving average price of $40.35.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, beating analysts' consensus estimates of ($1.41) by $0.05. The company had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.77 million. The firm's revenue for the quarter was up 89.1% compared to the same quarter last year. During the same period last year, the firm earned ($1.33) EPS. On average, sell-side analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director John T. Henderson sold 3,190 shares of Cytokinetics stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $38.66, for a total value of $123,325.40. Following the transaction, the director directly owned 66,348 shares of the company's stock, valued at $2,565,013.68. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Edward M. Md Kaye sold 3,636 shares of Cytokinetics stock in a transaction that occurred 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 completion of the transaction, the director directly owned 29,658 shares in the company, valued at $952,021.80. This trade represents a 10.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,941 shares of company stock valued at $2,150,336 over the last three months. 2.70% of the stock is owned by corporate insiders.

Institutional Trading of Cytokinetics

Several large investors have recently bought and sold shares of CYTK. Jones Financial Companies Lllp lifted its stake in Cytokinetics by 189.8% in the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company's stock valued at $27,000 after purchasing an additional 374 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Cytokinetics by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company's stock valued at $62,807,000 after purchasing an additional 13,798 shares during the last quarter. Arizona State Retirement System lifted its stake in Cytokinetics by 1.9% in the 4th quarter. Arizona State Retirement System now owns 32,366 shares of the biopharmaceutical company's stock valued at $1,522,000 after purchasing an additional 600 shares during the last quarter. Raymond James Financial Inc. bought a new position in Cytokinetics in the 4th quarter valued at approximately $254,000. Finally, AlphaQuest LLC increased its holdings in Cytokinetics by 113,500.0% in the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company's stock worth $53,000 after purchasing an additional 1,135 shares in the last quarter.

About Cytokinetics

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.