Brokerages Set Cytokinetics, Inc. (NASDAQ:CYTK) Target Price at $26.43

Shares of Cytokinetics, Inc. (NASDAQ:CYTK) have earned an average rating of “Buy” from the ten research firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $26.43.

A number of equities research analysts recently commented on CYTK shares. Needham & Company LLC restated a “buy” rating and set a $24.00 price target on shares of Cytokinetics in a research report on Thursday, May 7th. Cantor Fitzgerald increased their target price on Cytokinetics from $12.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. Zacks Investment Research cut Cytokinetics from a “hold” rating to a “sell” rating in a report on Tuesday, June 16th. BidaskClub raised shares of Cytokinetics from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 13th. Finally, ValuEngine raised shares of Cytokinetics from a “hold” rating to a “buy” rating in a research note on Friday, March 20th.

In other Cytokinetics news, Director Sandford D. Smith sold 10,000 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $24.50, for a total transaction of $245,000.00. Following the completion of the sale, the director now owns 5,000 shares in the company, valued at approximately $122,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $23.86, for a total value of $119,300.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 111,948 shares of company stock worth $2,277,533. Corporate insiders own 6.40% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. BVF Inc. IL raised its holdings in Cytokinetics by 73.0% in the fourth quarter. BVF Inc. IL now owns 7,206,458 shares of the biopharmaceutical company’s stock worth $76,461,000 after purchasing an additional 3,040,900 shares during the period. Point72 Asset Management L.P. increased its position in shares of Cytokinetics by 597.7% in the 4th quarter. Point72 Asset Management L.P. now owns 3,028,751 shares of the biopharmaceutical company’s stock valued at $32,135,000 after buying an additional 2,594,651 shares in the last quarter. Jennison Associates LLC acquired a new stake in Cytokinetics during the 4th quarter worth $6,472,000. Jacobs Levy Equity Management Inc. acquired a new stake in Cytokinetics during the 4th quarter worth $5,429,000. Finally, Wasatch Advisors Inc. lifted its holdings in Cytokinetics by 15.7% during the first quarter. Wasatch Advisors Inc. now owns 2,999,913 shares of the biopharmaceutical company’s stock worth $35,369,000 after acquiring an additional 406,453 shares in the last quarter. Hedge funds and other institutional investors own 93.71% of the company’s stock.

Shares of Cytokinetics stock traded down $0.79 during mid-day trading on Friday, reaching $23.77. 649,846 shares of the stock were exchanged, compared to its average volume of 655,874. Cytokinetics has a fifty-two week low of $7.72 and a fifty-two week high of $25.23. The company has a market cap of $1.46 billion, a price-to-earnings ratio of -10.61 and a beta of 1.41. The firm has a 50-day simple moving average of $21.25 and a 200 day simple moving average of $14.80.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.66) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by ($0.16). Cytokinetics had a negative return on equity of 10,351.99% and a negative net margin of 592.61%. The firm had revenue of $3.83 million for the quarter, compared to the consensus estimate of $4.92 million. On average, equities research analysts expect that Cytokinetics will post -2.16 EPS for the current fiscal year.

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 in which muscle performance is compromised and/or declining. The company is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.

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Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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