Cytokinetics (NASDAQ:CYTK) PT Lowered to $70.00

Cytokinetics (NASDAQ:CYTK) had its price target cut by research analysts at Raymond James from $92.00 to $70.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Raymond James’ price objective would indicate a potential upside of 42.94% from the company’s previous close.

Several other equities analysts have also commented on the stock. UBS Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and increased their price objective for the company from $61.00 to $92.00 in a research report on Wednesday, January 24th. Mizuho decreased their price objective 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. Truist Financial reiterated a “buy” rating and issued a $86.00 price target on shares of Cytokinetics in a report on Monday, April 8th. Needham & Company LLC cut their price target on shares of Cytokinetics from $108.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday. Finally, HC Wainwright reiterated a “buy” rating and issued a $94.00 price target on shares of Cytokinetics in a report on Tuesday, May 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.73.

Cytokinetics Stock Down 17.3 %

NASDAQ:CYTK traded down $10.26 during mid-day trading on Thursday, reaching $48.97. The company’s stock had a trading volume of 6,918,477 shares, compared to its average volume of 2,659,440. The firm has a market capitalization of $5.13 billion, a PE ratio of -9.08 and a beta of 0.72. The stock has a fifty day moving average of $66.44 and a 200-day moving average of $63.55. Cytokinetics has a 1 year low of $25.98 and a 1 year high of $110.25.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The business had revenue of $0.84 million for the quarter, compared to analyst estimates of $0.91 million. The business’s revenue was down 81.8% on a year-over-year basis. During the same period last year, the firm posted ($1.38) earnings per share. On average, analysts expect that Cytokinetics will post -4.73 earnings per share for the current year.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total value of $2,422,877.55. Following the sale, the executive vice president now directly owns 138,567 shares of the company’s stock, valued at approximately $10,296,913.77. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director John T. Henderson sold 10,562 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $64.54, for a total value of $681,671.48. Following the completion of the sale, the director now directly owns 32,070 shares of the company’s stock, valued at approximately $2,069,797.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 32,605 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total value of $2,422,877.55. Following the transaction, the executive vice president now owns 138,567 shares in the company, valued at approximately $10,296,913.77. The disclosure for this sale can be found here. Insiders sold 91,318 shares of company stock valued at $6,319,540 in the last three months. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

Several large investors have recently modified their holdings of CYTK. First Turn Management LLC purchased a new stake in Cytokinetics during the 4th quarter valued at approximately $67,414,000. Westfield Capital Management Co. LP acquired a new stake in shares of Cytokinetics during the first quarter worth $51,277,000. Norges Bank purchased a new position in Cytokinetics in the 4th quarter valued at $60,299,000. Assenagon Asset Management S.A. acquired a new position in Cytokinetics in the 4th quarter valued at $46,308,000. Finally, Fisher Asset Management LLC purchased a new position in Cytokinetics during the 4th quarter worth $44,754,000.

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.