Cytokinetics (NASDAQ:CYTK) Given New $106.00 Price Target at JMP Securities

Cytokinetics (NASDAQ:CYTK) had its price objective reduced by equities research analysts at JMP Securities from $110.00 to $106.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “market outperform” rating on the biopharmaceutical company’s stock. JMP Securities’ price target suggests a potential upside of 65.57% from the company’s previous close.

CYTK has been the topic of several other research reports. Truist Financial reaffirmed a “buy” rating and set a $86.00 price target on shares of Cytokinetics in a research report on Monday, April 8th. Oppenheimer cut their target price on shares of Cytokinetics from $107.00 to $106.00 and set an “outperform” rating on the stock in a report on Thursday. Needham & Company LLC restated a “buy” rating and issued a $108.00 price objective on shares of Cytokinetics in a research note on Thursday. UBS Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $61.00 to $92.00 in a research note on Wednesday, January 24th. Finally, Mizuho dropped their price target on Cytokinetics from $103.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and a consensus target price of $81.60.

Cytokinetics Stock Performance

NASDAQ CYTK traded down $1.25 during trading on Thursday, reaching $64.02. 2,404,732 shares of the company’s stock were exchanged, compared to its average volume of 2,738,094. Cytokinetics has a 1 year low of $25.98 and a 1 year high of $110.25. The stock has a market cap of $6.70 billion, a P/E ratio of -11.86 and a beta of 0.72. The company has a 50 day moving average price of $67.82 and a two-hundred day moving average price of $61.66.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The firm had revenue of $0.84 million for the quarter, compared to analyst estimates of $0.91 million. During the same period in the previous year, the company earned ($1.38) EPS. The company’s revenue was down 81.8% on a year-over-year basis. Research analysts forecast that Cytokinetics will post -4.5 EPS for the current fiscal year.

Insider Activity

In other Cytokinetics news, Director John T. Henderson sold 5,000 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $76.48, for a total transaction of $382,400.00. Following the sale, the director now owns 42,632 shares in the company, valued at approximately $3,260,495.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Cytokinetics news, Director John T. Henderson sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $76.48, for a total transaction of $382,400.00. Following the sale, the director now directly owns 42,632 shares of the company’s stock, valued at approximately $3,260,495.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 32,604 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $67.56, for a total value of $2,202,726.24. Following the sale, the executive vice president now owns 138,973 shares in the company, valued at approximately $9,389,015.88. The disclosure for this sale can be found here. Insiders have sold 96,318 shares of company stock worth $6,701,940 over the last ninety days. 3.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cytokinetics

Several large investors have recently modified their holdings of the stock. Fifth Third Bancorp lifted its holdings in Cytokinetics by 94.1% in the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock worth $46,000 after acquiring an additional 318 shares during the last quarter. GAMMA Investing LLC bought a new stake in Cytokinetics during the 4th quarter valued at $80,000. Sage Rhino Capital LLC acquired a new stake in shares of Cytokinetics in the 4th quarter worth approximately $204,000. China Universal Asset Management Co. Ltd. boosted its stake in Cytokinetics by 96.4% during the 3rd 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 in the last quarter. Finally, Caprock Group LLC acquired a new stake in shares of Cytokinetics in the fourth quarter valued at $216,000.

Cytokinetics Company Profile

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.