Cytokinetics (NASDAQ:CYTK) Trading 6.8% Higher - Still a Buy?

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Cantor Fitzgerald upgraded Cytokinetics to a "strong-buy" rating in a report on Tuesday, May 13th. JMP Securities reaffirmed a "market outperform" rating and issued a $78.00 price target on shares of Cytokinetics in a research note on Thursday, April 10th. Mizuho lowered their target price on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. Citigroup cut their price target on Cytokinetics from $86.00 to $80.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. reduced their price target 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 assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Cytokinetics currently has an average rating of "Moderate Buy" and an average target price of $70.92.

Cytokinetics Price Performance

The business has a 50 day moving average price of $32.73 and a 200 day moving average price of $40.27. The firm has a market capitalization of $4.37 billion, a P/E ratio of -6.92 and a beta of 0.59.

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, topping analysts' consensus estimates of ($1.41) by $0.05. The company had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.77 million. The company's revenue was up 89.1% compared to the same quarter last year. During the same period last year, the firm posted ($1.33) EPS. As a group, equities analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insider Activity

In other news, Director Wendall Wierenga sold 20,000 shares of the business's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $38.46, for a total transaction of $769,200.00. Following the sale, the director directly owned 24,848 shares in the company, valued at approximately $955,654.08. The trade was a 44.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 owned 52,028 shares in the company, valued at $1,666,977.12. This represents a 14.27% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,941 shares of company stock valued at $2,150,336. Corporate insiders own 2.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp grew its stake in shares of 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 period. Fifth Third Bancorp grew its position in Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after acquiring an additional 291 shares during the period. Parallel Advisors LLC raised its stake in Cytokinetics by 500.5% during the first quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock worth $44,000 after acquiring an additional 916 shares in the last quarter. GAMMA Investing LLC raised its stake in Cytokinetics by 281.0% during the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after acquiring an additional 826 shares in the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of Cytokinetics by 91.4% during the first quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock valued at $46,000 after acquiring an additional 552 shares during the period.

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.