Mizuho Increases Cytokinetics (NASDAQ:CYTK) Price Target to $103.00

Cytokinetics (NASDAQ:CYTKFree Report) had its price objective boosted by Mizuho from $99.00 to $103.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.

Other research analysts have also recently issued research reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. JPMorgan Chase & Co. boosted their target price on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Royal Bank of Canada assumed coverage on Cytokinetics in a report on Friday, November 8th. They issued an “outperform” rating and a $80.00 target price on the stock. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $85.00 to $60.00 in a report on Tuesday, August 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a report on Monday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.93.

Check Out Our Latest Stock Analysis on CYTK

Cytokinetics Stock Up 0.5 %

NASDAQ:CYTK traded up $0.22 during midday trading on Thursday, reaching $47.89. The company had a trading volume of 411,963 shares, compared to its average volume of 2,048,876. Cytokinetics has a 12-month low of $30.68 and a 12-month high of $110.25. The firm has a market capitalization of $5.65 billion, a price-to-earnings ratio of -8.86 and a beta of 0.78. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. The stock’s fifty day simple moving average is $53.74 and its 200-day simple moving average is $54.92.

Cytokinetics (NASDAQ:CYTKGet Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. During the same period in the previous year, the firm earned ($1.35) EPS. The business’s revenue for the quarter was up 22.5% on a year-over-year basis. On average, sell-side analysts anticipate that Cytokinetics will post -5.31 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $50.55, for a total value of $252,750.00. Following the transaction, the chief executive officer now owns 397,456 shares in the company, valued at $20,091,400.80. The trade was a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 6,342 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $58.48, for a total value of $370,880.16. Following the sale, the executive vice president now directly owns 113,878 shares of the company’s stock, valued at approximately $6,659,585.44. This represents a 5.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,078 shares of company stock valued at $3,514,119 in the last ninety days. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently bought and sold shares of CYTK. J.Safra Asset Management Corp raised its position in Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 456 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Cytokinetics by 65.6% during the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after acquiring an additional 238 shares during the period. Blue Trust Inc. increased its stake in shares of Cytokinetics by 225.9% during the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after acquiring an additional 680 shares during the period. Values First Advisors Inc. purchased a new position in Cytokinetics during the third quarter worth about $54,000. Finally, EntryPoint Capital LLC acquired a new stake in Cytokinetics in the first quarter valued at about $74,000.

About Cytokinetics

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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.

Further Reading

Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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