Cytokinetics (NASDAQ:CYTK) Shares Gap Up Following Analyst Upgrade

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) gapped up before the market opened on Tuesday after Citigroup raised their price target on the stock from $77.00 to $84.00. The stock had previously closed at $35.33, but opened at $44.91. Citigroup currently has a buy rating on the stock. Cytokinetics shares last traded at $49.22, with a volume of 3,460,697 shares trading hands.

A number of other brokerages also recently commented on CYTK. Stifel Nicolaus boosted their target price on Cytokinetics from $87.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday. Royal Bank Of Canada cut their price objective on Cytokinetics from $82.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. JPMorgan Chase & Co. cut their price target on Cytokinetics from $71.00 to $53.00 and set an “overweight” rating for the company in a report on Monday, June 9th. Wall Street Zen raised Cytokinetics from a “strong sell” rating to a “hold” rating in a report on Sunday, August 10th. Finally, Raymond James Financial initiated coverage on Cytokinetics in a report on Wednesday, July 30th. They issued a “market perform” rating for the company. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $73.50.

Insiders Place Their Bets

In other news, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $38.31, for a total value of $76,620.00. Following the sale, the executive vice president directly owned 140,610 shares in the company, valued at $5,386,769.10. The trade was a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Edward M. Md Kaye sold 3,636 shares of the business’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $32.10, for a total value of $116,715.60. Following the completion of the sale, the director owned 29,658 shares in the company, valued at approximately $952,021.80. This trade represents a 10.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,295 shares of company stock valued at $1,227,910. 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. EverSource Wealth Advisors LLC lifted its holdings in shares of Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 673 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock valued at $39,000 after purchasing an additional 291 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in Cytokinetics by 2,872.7% during the second quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company’s stock worth $43,000 after acquiring an additional 1,264 shares in the last quarter. Parallel Advisors LLC raised its holdings in Cytokinetics by 500.5% during the first quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock worth $44,000 after acquiring an additional 916 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Cytokinetics by 281.0% during the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock worth $45,000 after acquiring an additional 826 shares in the last quarter.

Cytokinetics Stock Up 38.5%

The firm has a market cap of $5.85 billion, a P/E ratio of -9.56 and a beta of 0.62. The firm has a fifty day moving average of $36.25 and a 200-day moving average of $37.55.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to the consensus estimate of $1.95 million. During the same quarter in the previous year, the company posted ($1.31) EPS. The business’s revenue was up 26727.3% on a year-over-year basis. On average, equities analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

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.