Citigroup Issues Pessimistic Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Cytokinetics (NASDAQ:CYTK) had its price target reduced by equities researchers at Citigroup from $86.00 to $80.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price objective indicates a potential upside of 146.31% from the company’s current price.

A number of other equities research analysts also recently weighed in on CYTK. Morgan Stanley set a $67.00 price target on shares of Cytokinetics in a research note on Friday, March 7th. HC Wainwright reiterated a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research report on Monday, April 21st. Bank of America dropped their price target on shares of Cytokinetics from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Barclays started coverage on shares of Cytokinetics in a research note on Thursday, April 24th. They set an “overweight” rating and a $55.00 price target for the company. Finally, Stifel Nicolaus initiated coverage on Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cytokinetics has a consensus rating of “Moderate Buy” and an average price target of $76.29.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $32.48 on Wednesday. The company’s fifty day moving average is $40.42 and its two-hundred day moving average is $46.17. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of -6.04 and a beta of 0.81. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. Cytokinetics has a 52-week low of $31.67 and a 52-week high of $68.44.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.41) by $0.05. The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.77 million. The firm’s quarterly revenue was up 89.1% compared to the same quarter last year. During the same period last year, the business earned ($1.33) earnings per share. Equities research analysts forecast that Cytokinetics will post -5.24 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $45.98, for a total transaction of $91,960.00. Following the sale, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at $5,336,944.58. This represents a 1.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Andrew Callos sold 2,775 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $44.38, for a total value of $123,154.50. Following the completion of the transaction, the executive vice president now owns 34,888 shares in the company, valued at approximately $1,548,329.44. This represents a 7.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,362 shares of company stock valued at $3,899,118 in the last 90 days. 2.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cytokinetics

Several large investors have recently bought and sold shares of CYTK. Deep Track Capital LP lifted its stake in shares of Cytokinetics by 296.9% in the 4th quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock valued at $117,600,000 after purchasing an additional 1,870,094 shares during the period. Capital International Investors bought a new stake in Cytokinetics in the fourth quarter valued at about $51,564,000. T. Rowe Price Investment Management Inc. lifted its stake in Cytokinetics by 11.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company’s stock valued at $505,780,000 after buying an additional 1,062,136 shares during the period. Norges Bank bought a new position in Cytokinetics during the fourth quarter worth about $46,556,000. Finally, Vestal Point Capital LP grew its position in shares of Cytokinetics by 56.7% during the 4th quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company’s stock worth $110,544,000 after buying an additional 850,000 shares during the period.

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. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.