JPMorgan Chase & Co. Raises Cytokinetics (NASDAQ:CYTK) Price Target to $103.00

Key Points

• JPMorgan raised Cytokinetics’ price target from $97 to $103 while maintaining an “overweight” rating, implying roughly 37% upside from the reported share price.
• Analyst sentiment is broadly positive: 19 analysts rate the stock a Buy, one rates it Hold and one rates it Sell, producing a “Moderate Buy” consensus and an average target of $102.20.
• Cytokinetics shares fell 0.6% to $75.16, despite the company exceeding quarterly EPS and revenue expectations; insiders have sold 115,179 shares worth about $9.1 million over the past quarter.

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its target price lifted by equities researchers at JPMorgan Chase & Co. from $97.00 to $103.00 in a report issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 37.04% from the company's current price.

Several other research analysts have also issued reports on the stock. Barclays restated an "overweight" rating and set a $110.00 price target on shares of Cytokinetics in a report on Thursday. Wall Street Zen downgraded shares of Cytokinetics from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Truist Financial upped their price target on shares of Cytokinetics from $106.00 to $112.00 and gave the company a "buy" rating in a research report on Monday. Weiss Ratings reissued a "sell (d-)" rating on shares of Cytokinetics in a research report on Friday, July 17th. Finally, Citizens Jmp upped their target price on Cytokinetics from $105.00 to $110.00 and gave the company a "market outperform" rating in a research report on Friday, August 7th. Nineteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $102.20.

Cytokinetics Stock Down 0.6%

Shares of CYTK stock traded down $0.48 during trading hours on Thursday, hitting $75.16. 429,149 shares of the company's stock traded hands, compared to its average volume of 2,164,161. The stock has a market cap of $9.35 billion, a PE ratio of -10.39 and a beta of 0.38. The stock's 50 day simple moving average is $79.19 and its 200 day simple moving average is $71.22. Cytokinetics has a 12 month low of $35.22 and a 12 month high of $88.31.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. The firm's revenue for the quarter was down 57.1% on a year-over-year basis. During the same period in the prior year, the business earned ($1.12) earnings per share. As a group, equities research analysts expect that Cytokinetics will post -6.03 EPS for the current fiscal year.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of the firm's stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $80.59, for a total transaction of $282,065.00. Following the transaction, the executive vice president directly owned 153,902 shares in the company, valued at approximately $12,402,962.18. This trade represents a 2.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction on Monday, August 10th. The stock was sold at an average price of $76.76, for a total transaction of $575,700.00. Following the transaction, the chief executive officer directly owned 377,820 shares in the company, valued at $29,001,463.20. This represents a 1.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 115,179 shares of company stock valued at $9,117,354. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in CYTK. Great Lakes Advisors LLC purchased a new position in shares of Cytokinetics in the 2nd quarter worth approximately $1,960,000. Tema ETFs LLC grew its holdings in shares of Cytokinetics by 174.6% in the second quarter. Tema ETFs LLC now owns 22,413 shares of the biopharmaceutical company's stock valued at $1,909,000 after acquiring an additional 14,251 shares in the last quarter. E. Ohman J or Asset Management AB increased its position in shares of Cytokinetics by 1.3% during the second quarter. E. Ohman J or Asset Management AB now owns 304,611 shares of the biopharmaceutical company's stock valued at $25,950,000 after acquiring an additional 3,849 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of Cytokinetics by 63.8% during the second quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company's stock valued at $34,502,000 after acquiring an additional 157,700 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Cytokinetics by 12.0% during the second quarter. GAMMA Investing LLC now owns 2,487 shares of the biopharmaceutical company's stock worth $212,000 after acquiring an additional 266 shares during the period.

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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