Bank of America Cuts Cytokinetics (NASDAQ:CYTK) Price Target to $60.00

Cytokinetics (NASDAQ:CYTK) had its price target cut by Bank of America from $70.00 to $60.00 in a research note published on Thursday morning, Benzinga reports. They currently have a neutral rating on the biopharmaceutical company’s stock.

Several other research analysts also recently issued reports on CYTK. Mizuho reduced their price objective on Cytokinetics from $103.00 to $99.00 and set a buy rating on the stock in a report on Wednesday, March 6th. Oppenheimer cut their price target on Cytokinetics from $107.00 to $106.00 and set an outperform rating on the stock in a research note on Thursday, May 9th. UBS Group lowered Cytokinetics from a buy rating to a neutral rating and lifted their price objective for the stock from $61.00 to $92.00 in a research report on Wednesday, January 24th. JMP Securities cut their target price on shares of Cytokinetics from $110.00 to $106.00 and set a market outperform rating on the stock in a research report on Thursday, May 9th. Finally, Truist Financial reiterated a buy rating and set a $86.00 price target on shares of Cytokinetics in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Cytokinetics currently has an average rating of Moderate Buy and a consensus target price of $77.47.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK opened at $48.30 on Thursday. The business has a fifty day moving average of $65.80 and a 200-day moving average of $63.74. Cytokinetics has a twelve month low of $25.98 and a twelve month high of $110.25. The firm has a market cap of $5.06 billion, a PE ratio of -8.94 and a beta of 0.72.

Cytokinetics (NASDAQ:CYTK) last posted 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 business had revenue of $0.84 million for the quarter, compared to analysts’ expectations of $0.91 million. During the same period in the previous year, the firm earned ($1.38) EPS. The company’s quarterly revenue was down 81.8% on a year-over-year basis. On average, analysts anticipate that Cytokinetics will post -4.73 EPS for the current fiscal year.

Insider Activity at Cytokinetics

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

Institutional Trading of Cytokinetics

A number of institutional investors have recently modified their holdings of CYTK. Fifth Third Bancorp grew its holdings in shares of Cytokinetics by 94.1% during the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock worth $46,000 after buying an additional 318 shares in the last quarter. EntryPoint Capital LLC acquired a new position in Cytokinetics during the 1st quarter worth approximately $74,000. GAMMA Investing LLC bought a new position in shares of Cytokinetics during the 4th quarter worth approximately $80,000. Bessemer Group Inc. raised its holdings in shares of Cytokinetics by 25,100.0% in the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after purchasing an additional 1,255 shares during the last quarter. Finally, Sage Rhino Capital LLC bought a new stake in shares of Cytokinetics in the fourth quarter worth $204,000.

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.