Wells Fargo & Company Issues Positive Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Key Points

• Wells Fargo raised its price target on Cytokinetics to $105 (from $95) and kept an "overweight" rating, implying roughly a 40% upside
• Cytokinetics shares traded near $74.99 with a market cap of $9.32B and a 52‑week range of $29.31–$80.20; the company reported revenue of $19.36M (up 1,112.5% YoY) but posted a loss of $1.67/share, and sell‑side forecasts expect negative EPS for the year.
• Insiders have sold about 169,976 shares (~$10.7M) in the past three months (insider ownership 2.6%), while institutional players like Millennium Management markedly increased their stakes.

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its price objective lifted by Wells Fargo & Company from $95.00 to $105.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's price objective would indicate a potential upside of 40.01% from the company's current price.

A number of other analysts also recently weighed in on the company. Royal Bank Of Canada boosted their target price on Cytokinetics from $101.00 to $119.00 and gave the stock an "outperform" rating in a research report on Wednesday. Leerink Partners reissued an "outperform" rating on shares of Cytokinetics in a research note on Tuesday, March 10th. B. Riley Financial boosted their price objective on shares of Cytokinetics from $90.00 to $108.00 and gave the company a "buy" rating in a report on Wednesday, January 21st. JPMorgan Chase & Co. lifted their price target on shares of Cytokinetics from $74.00 to $75.00 and gave the company an "overweight" rating in a research report on Tuesday, March 17th. Finally, Bank of America reiterated a "neutral" rating on shares of Cytokinetics in a report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $97.25.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded up $0.15 during midday trading on Thursday, reaching $74.99. The company's stock had a trading volume of 4,191,517 shares, compared to its average volume of 2,110,926. The company has a market cap of $9.32 billion, a P/E ratio of -10.91 and a beta of 0.38. Cytokinetics has a fifty-two week low of $29.31 and a fifty-two week high of $80.20. The business's 50 day moving average price is $64.13 and its two-hundred day moving average price is $63.75.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting analysts' consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. The business's revenue was up 1112.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.36) earnings per share. Sell-side analysts forecast that Cytokinetics will post -6.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Andrew Callos sold 26,000 shares of the business's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the sale, the executive vice president directly owned 50,440 shares in the company, valued at approximately $3,120,722.80. The trade was a 34.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Fady Ibraham Malik sold 12,033 shares of the stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total transaction of $747,850.95. Following the transaction, the executive vice president directly owned 153,902 shares in the company, valued at approximately $9,565,009.30. This represents a 7.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 169,976 shares of company stock valued at $10,710,369 in the last three months. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cytokinetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC lifted its holdings in shares of Cytokinetics by 361.9% in the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock worth $11,571,000 after buying an additional 225,576 shares during the period. Cetera Investment Advisers grew its stake in shares of Cytokinetics by 12.4% during the 2nd quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company's stock worth $219,000 after purchasing an additional 731 shares during the period. EverSource Wealth Advisors LLC grew its stake in Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after acquiring an additional 673 shares during the period. Gabelli Funds LLC raised its holdings in shares of Cytokinetics by 29.4% during the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company's stock valued at $278,000 after acquiring an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System raised its holdings in Cytokinetics by 10.8% in the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company's stock valued at $4,712,000 after acquiring an additional 13,911 shares during the last quarter.

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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