JPMorgan Chase & Co. Issues Positive Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Key Points

• JPMorgan raised Cytokinetics’ price target from $92 to $97 and kept an overweight rating, implying about 30% upside from the prior close.
• Other analysts have also turned more bullish, with several boosting targets; the stock now carries a Moderate Buy consensus and an average target price of $98.55.
• Cytokinetics recently reported quarterly EPS of -$1.67, matching estimates, while revenue of $19.36 million far exceeded expectations and surged 1,112.5% year over year.

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its price target upped by investment analysts at JPMorgan Chase & Co. from $92.00 to $97.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 30.10% from the stock's previous close.

A number of other equities analysts also recently issued reports on the stock. Stifel Nicolaus increased their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Citizens Jmp lifted their price objective on Cytokinetics from $88.00 to $96.00 and gave the company a "market outperform" rating in a research report on Wednesday, February 25th. Barclays upped their target price on Cytokinetics from $87.00 to $95.00 and gave the stock an "overweight" rating in a report on Monday, April 6th. Royal Bank Of Canada raised their target price on Cytokinetics from $101.00 to $119.00 and gave the company an "outperform" rating in a research note on Wednesday, May 6th. Finally, Bank of America restated a "neutral" rating on shares of Cytokinetics in a research report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $98.55.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK remained flat at $74.56 during mid-day trading on Tuesday. 574,205 shares of the company traded hands, compared to its average volume of 2,217,229. Cytokinetics has a 12 month low of $29.31 and a 12 month high of $80.20. The business's 50-day moving average price is $64.73 and its 200 day moving average price is $64.10. The stock has a market capitalization of $9.28 billion, a price-to-earnings ratio of -10.90 and a beta of 0.38.

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 (EPS) for the quarter, meeting analysts' consensus estimates of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analysts' expectations of $8.52 million. The firm's revenue for the quarter was up 1112.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.36) EPS. On average, sell-side analysts predict that Cytokinetics will post -6.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Andrew Callos sold 15,857 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the completion of the transaction, the executive vice president owned 58,555 shares of the company's stock, valued at approximately $3,806,075. This trade represents a 21.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $77.37, for a total transaction of $270,795.00. Following the transaction, the executive vice president owned 153,902 shares of the company's stock, valued at $11,907,397.74. The trade was a 2.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 169,976 shares of company stock worth $10,710,369. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds have recently added to or reduced their stakes in the stock. Woodline Partners LP grew its stake in shares of Cytokinetics by 676.1% in the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company's stock worth $90,559,000 after acquiring an additional 1,435,422 shares during the last quarter. Norges Bank purchased a new position in shares of Cytokinetics in the 4th quarter worth about $51,281,000. Deep Track Capital LP boosted its stake in Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock worth $236,328,000 after purchasing an additional 650,000 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Cytokinetics by 151,987.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company's stock worth $35,949,000 after purchasing an additional 565,393 shares in the last quarter. Finally, Foresite Capital Management IV LLC purchased a new stake in Cytokinetics during the 3rd quarter valued at about $25,188,000.

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.

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