Cytokinetics (NASDAQ:CYTK) Stock Price Up 6.8% - Still a Buy?

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CYTK shares. Bank of America lowered their target price on Cytokinetics from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Barclays lowered their target price on Cytokinetics from $55.00 to $53.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. UBS Group lowered their target price on Cytokinetics from $47.00 to $41.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Citigroup lowered their target price on Cytokinetics from $86.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, HC Wainwright restated a "buy" rating and set a $120.00 target price on shares of Cytokinetics in a report on Monday, April 21st. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $70.92.

Cytokinetics Stock Up 1.1%

The company has a market cap of $4.42 billion, a PE ratio of -7.00 and a beta of 0.59. The business has a 50-day simple moving average of $32.73 and a 200-day simple moving average of $40.19.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.41) by $0.05. The firm had revenue of $1.60 million during the quarter, compared to analysts' expectations 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 in the previous year, the firm earned ($1.33) EPS. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $33.80, for a total transaction of $169,000.00. Following the sale, the chief executive officer owned 403,108 shares of the company's stock, valued at approximately $13,625,050.40. This represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward M. Md Kaye sold 3,636 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $32.10, for a total value of $116,715.60. Following the sale, the director directly owned 29,658 shares in the company, valued at $952,021.80. This represents a 10.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,941 shares of company stock valued at $2,150,336 over the last quarter. 2.70% of the stock is owned by corporate insiders.

Institutional Trading of Cytokinetics

A number of large investors have recently modified their holdings of CYTK. Jones Financial Companies Lllp increased its position in shares of Cytokinetics by 189.8% during the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company's stock worth $27,000 after acquiring an additional 374 shares during the period. Raymond James Financial Inc. purchased a new position in Cytokinetics in the fourth quarter valued at $254,000. AlphaQuest LLC increased its holdings in Cytokinetics by 113,500.0% in the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company's stock valued at $53,000 after buying an additional 1,135 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Cytokinetics by 7.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,258 shares of the biopharmaceutical company's stock valued at $1,329,000 after buying an additional 1,882 shares during the last quarter. Finally, Great Lakes Advisors LLC purchased a new position in Cytokinetics in the fourth quarter valued at $1,580,000.

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.