Cytokinetics (NASDAQ:CYTK) Given New $80.00 Price Target at Evercore ISI

Cytokinetics (NASDAQ:CYTK) had its price objective boosted by Evercore ISI from $60.00 to $80.00 in a research note released on Wednesday morning, MarketBeat Ratings reports. The firm currently has an outperform rating on the biopharmaceutical company’s stock.

A number of other brokerages have also weighed in on CYTK. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a report on Tuesday. Stifel Nicolaus lifted their price target on shares of Cytokinetics from $87.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday. Barclays decreased their price target on shares of Cytokinetics from $55.00 to $53.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Wall Street Zen upgraded shares of Cytokinetics from a “strong sell” rating to a “hold” rating in a report on Sunday, August 10th. Finally, Citigroup lifted their price target on shares of Cytokinetics from $77.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $75.38.

Cytokinetics Price Performance

CYTK stock opened at $49.99 on Wednesday. The company’s 50 day simple moving average is $36.91 and its 200-day simple moving average is $37.72. The firm has a market capitalization of $5.98 billion, a PE ratio of -9.80 and a beta of 0.62. Cytokinetics has a 12 month low of $29.31 and a 12 month high of $59.39.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.22. The firm had revenue of $66.77 million for the quarter, compared to analyst estimates of $1.95 million. During the same quarter last year, the business posted ($1.31) EPS. The firm’s revenue was up 26727.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Edward M. Md Kaye sold 6,756 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $50.00, for a total value of $337,800.00. Following the completion of the sale, the director owned 23,230 shares of the company’s stock, valued at approximately $1,161,500. The trade was a 22.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $76,620.00. Following the completion of the sale, the executive vice president directly owned 140,610 shares of the company’s stock, valued at $5,386,769.10. The trade was a 1.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,756 shares of company stock valued at $1,171,560 in the last quarter. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. acquired a new position in shares of Cytokinetics in the 4th quarter valued at about $254,000. GAMMA Investing LLC boosted its holdings in shares of Cytokinetics by 281.0% in the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock valued at $45,000 after buying an additional 826 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Cytokinetics by 21.8% in the 1st quarter. HighTower Advisors LLC now owns 11,352 shares of the biopharmaceutical company’s stock valued at $456,000 after buying an additional 2,029 shares during the period. Cetera Investment Advisers boosted its holdings in shares of Cytokinetics by 29.7% in the 1st quarter. Cetera Investment Advisers now owns 5,904 shares of the biopharmaceutical company’s stock valued at $237,000 after buying an additional 1,353 shares during the period. Finally, Two Sigma Advisers LP boosted its holdings in shares of Cytokinetics by 5.4% in the 4th quarter. Two Sigma Advisers LP now owns 226,400 shares of the biopharmaceutical company’s stock valued at $10,650,000 after buying an additional 11,700 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.