Stifel Nicolaus Boosts Cytokinetics (NASDAQ:CYTK) Price Target to $96.00

Key Points

• Stifel Nicolaus has increased Cytokinetics' price target from $87.00 to $96.00, indicating a potential upside of 100.03% from the current stock price.
• Cytokinetics reported a significant revenue increase of 26727.3% year-over-year, generating $66.77 million during the last quarter.
• Research analysts have given a mix of ratings for Cytokinetics, with an average rating of "Moderate Buy" and a consensus target price of $72.92.

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its target price upped by equities research analysts at Stifel Nicolaus from $87.00 to $96.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the biopharmaceutical company's stock. Stifel Nicolaus' price target suggests a potential upside of 100.03% from the stock's current price.

Several other research analysts have also issued reports on CYTK. Wall Street Zen upgraded Cytokinetics from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 10th. Needham & Company LLC reiterated a "buy" rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Tuesday. Mizuho dropped their price objective on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. Barclays dropped their price objective on Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Finally, JMP Securities reiterated a "market outperform" rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $72.92.

Cytokinetics Price Performance

Shares of NASDAQ CYTK traded up $12.66 during trading hours on Tuesday, reaching $47.99. The stock had a trading volume of 6,641,319 shares, compared to its average volume of 1,779,592. The business's fifty day moving average is $36.25 and its two-hundred day moving average is $37.55. The company has a market cap of $5.74 billion, a price-to-earnings ratio of -9.37 and a beta of 0.62. Cytokinetics has a twelve month low of $29.31 and a twelve month high of $59.39.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, beating analysts' consensus estimates of ($1.34) by $0.22. The firm had revenue of $66.77 million during the quarter, compared to analyst estimates of $1.95 million. The business's revenue for the quarter was up 26727.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.31) earnings per share. Sell-side analysts forecast that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Edward M. Md Kaye sold 3,636 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $32.10, for a total transaction of $116,715.60. Following the sale, the director owned 29,658 shares in the company, valued at approximately $952,021.80. This represents a 10.92% 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. Also, EVP Andrew Callos sold 8,659 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $32.04, for a total value of $277,434.36. Following the sale, the executive vice president owned 52,028 shares in the company, valued at $1,666,977.12. The trade was a 14.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,295 shares of company stock worth $1,227,910 over the last ninety days. Company insiders own 3.40% of the company's stock.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds have recently added to or reduced their stakes in CYTK. Deep Track Capital LP boosted its holdings in Cytokinetics by 296.9% in the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock valued at $117,600,000 after acquiring an additional 1,870,094 shares during the last quarter. Norges Bank bought a new position in Cytokinetics in the second quarter valued at about $39,122,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. boosted its holdings in Cytokinetics by 571.2% in the second quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company's stock valued at $35,768,000 after acquiring an additional 921,278 shares during the last quarter. Paradigm Biocapital Advisors LP bought a new position in Cytokinetics in the first quarter valued at about $34,510,000. Finally, Vestal Point Capital LP boosted its holdings in Cytokinetics by 56.7% in the fourth quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company's stock valued at $110,544,000 after acquiring an additional 850,000 shares during the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.