Cytokinetics (NASDAQ:CYTK) Receives "Buy" Rating from Truist Financial

Cytokinetics (NASDAQ:CYTK - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Truist Financial in a report issued on Monday, Benzinga reports. They currently have a $86.00 price target on the biopharmaceutical company's stock. Truist Financial's price objective indicates a potential upside of 15.92% from the stock's previous close.

Other equities research analysts have also issued reports about the stock. StockNews.com lowered shares of Cytokinetics from a "hold" rating to a "sell" rating in a research report on Friday, January 5th. Oppenheimer reiterated an "outperform" rating and set a $107.00 target price on shares of Cytokinetics in a research report on Monday, March 4th. Mizuho dropped their target price on shares of Cytokinetics from $103.00 to $99.00 and set a "buy" rating for the company in a research report on Wednesday, March 6th. UBS Group lowered shares of Cytokinetics from a "buy" rating to a "neutral" rating and lifted their target price for the company from $61.00 to $92.00 in a research report on Wednesday, January 24th. Finally, Morgan Stanley restated an "equal weight" rating and issued a $90.00 price objective (up from $60.00) on shares of Cytokinetics in a report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $79.33.

Cytokinetics Stock Up 2.0 %

NASDAQ:CYTK traded up $1.48 during mid-day trading on Monday, hitting $74.19. 979,299 shares of the stock traded hands, compared to its average volume of 3,279,354. The business's 50-day moving average price is $72.81 and its 200 day moving average price is $56.06. The company has a market cap of $7.64 billion, a PE ratio of -13.44 and a beta of 0.68. Cytokinetics has a 12-month low of $25.98 and a 12-month high of $110.25.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its earnings results on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.35). The business had revenue of $1.70 million for the quarter, compared to analyst estimates of $7.62 million. During the same period in the previous year, the firm posted ($1.45) EPS. Cytokinetics's revenue was down 10.5% compared to the same quarter last year. Analysts anticipate that Cytokinetics will post -4.5 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In other news, CEO Robert I. Blum sold 12,500 shares of the firm's stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $81.42, for a total value of $1,017,750.00. Following the completion of the sale, the chief executive officer now directly owns 441,797 shares of the company's stock, valued at approximately $35,971,111.74. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Robert I. Blum sold 12,500 shares of the firm's stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $81.42, for a total value of $1,017,750.00. Following the completion of the sale, the chief executive officer now directly owns 441,797 shares of the company's stock, valued at approximately $35,971,111.74. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John T. Henderson sold 5,000 shares of the firm's stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $85.14, for a total transaction of $425,700.00. Following the completion of the sale, the director now directly owns 42,632 shares of the company's stock, valued at $3,629,688.48. The disclosure for this sale can be found here. Insiders sold 100,209 shares of company stock worth $7,608,778 in the last three months. 3.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently modified their holdings of CYTK. Belpointe Asset Management LLC lifted its position in Cytokinetics by 76.2% during the 1st quarter. Belpointe Asset Management LLC now owns 786 shares of the biopharmaceutical company's stock valued at $28,000 after acquiring an additional 340 shares during the period. China Universal Asset Management Co. Ltd. raised its holdings in shares of Cytokinetics by 96.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,463 shares of the biopharmaceutical company's stock valued at $73,000 after purchasing an additional 1,209 shares during the last quarter. Natixis purchased a new position in shares of Cytokinetics during the fourth quarter valued at approximately $73,000. Advisory Services Network LLC purchased a new position in shares of Cytokinetics during the fourth quarter valued at approximately $79,000. Finally, GAMMA Investing LLC purchased a new position in shares of Cytokinetics during the fourth quarter valued at approximately $80,000.

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.