Cytokinetics (NASDAQ:CYTK) Stock Price Expected to Rise, Citigroup Analyst Says

Cytokinetics (NASDAQ:CYTK) had its price objective upped by equities research analysts at Citigroup from $77.00 to $84.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price target would suggest a potential upside of 71.44% from the company’s current price.

CYTK has been the topic of several other research reports. Cantor Fitzgerald upgraded shares of Cytokinetics to a “strong-buy” rating in a report on Tuesday, May 13th. Wall Street Zen raised shares of Cytokinetics from a “strong sell” rating to a “hold” rating in a research report on Sunday, August 10th. Royal Bank Of Canada decreased their price objective on shares of Cytokinetics from $82.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Mizuho lowered their price objective on shares of Cytokinetics from $103.00 to $84.00 and set an “outperform” rating for the company in a research note on Thursday, May 29th. Finally, Stifel Nicolaus raised their target price on Cytokinetics from $87.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.50.

Cytokinetics Stock Up 38.7%

Shares of CYTK traded up $13.67 during trading hours on Tuesday, hitting $49.00. The company had a trading volume of 7,945,320 shares, compared to its average volume of 1,788,155. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $59.39. The stock’s 50 day moving average price is $36.25 and its 200 day moving average price is $37.55. The firm has a market cap of $5.86 billion, a P/E ratio of -9.69 and a beta of 0.62.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, beating the consensus estimate of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to analysts’ expectations of $1.95 million. During the same quarter in the prior year, the company earned ($1.31) earnings per share. The company’s revenue was up 26727.3% compared to the same quarter last year. On average, research analysts expect that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In related news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $36.45, for a total value of $182,250.00. Following the sale, the chief executive officer directly owned 388,108 shares of the company’s stock, valued at $14,146,536.60. This represents a 1.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Andrew Callos sold 8,659 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $32.04, for a total value of $277,434.36. Following the completion of the transaction, the executive vice president owned 52,028 shares of the company’s stock, valued at approximately $1,666,977.12. This trade represents a 14.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,295 shares of company stock valued at $1,227,910. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CYTK. Raymond James Financial Inc. purchased a new position in Cytokinetics during the 4th quarter valued at about $254,000. Northern Trust Corp raised its stake in Cytokinetics by 10.7% during the fourth quarter. Northern Trust Corp now owns 1,471,489 shares of the biopharmaceutical company’s stock valued at $69,219,000 after buying an additional 141,835 shares during the last quarter. Alyeska Investment Group L.P. raised its stake in Cytokinetics by 500.0% during the fourth quarter. Alyeska Investment Group L.P. now owns 150,000 shares of the biopharmaceutical company’s stock valued at $7,056,000 after buying an additional 125,000 shares during the last quarter. Algert Global LLC boosted its holdings in Cytokinetics by 20.6% in the fourth quarter. Algert Global LLC now owns 58,680 shares of the biopharmaceutical company’s stock worth $2,760,000 after acquiring an additional 10,010 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Cytokinetics by 38.8% in the fourth quarter. Ameriprise Financial Inc. now owns 752,401 shares of the biopharmaceutical company’s stock worth $35,393,000 after acquiring an additional 210,266 shares during the last quarter.

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.