Cytokinetics (NASDAQ:CYTK) Hits New 52-Week High Following Analyst Upgrade

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) hit a new 52-week high during mid-day trading on Monday after Royal Bank Of Canada raised their price target on the stock from $87.00 to $95.00. Royal Bank Of Canada currently has an outperform rating on the stock. Cytokinetics traded as high as $69.62 and last traded at $69.4890, with a volume of 1272896 shares. The stock had previously closed at $62.72.

Other analysts have also recently issued research reports about the company. The Goldman Sachs Group set a $95.00 price target on Cytokinetics and gave the company a “buy” rating in a report on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research report on Wednesday, October 8th. B. Riley reissued a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of Cytokinetics in a research report on Monday, November 10th. HC Wainwright increased their target price on Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a report on Monday. Finally, Needham & Company LLC boosted their price objective on shares of Cytokinetics from $72.00 to $84.00 and gave the company a “buy” rating in a research report on Monday. Fifteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $83.38.

Insider Activity at Cytokinetics

In related news, Director Edward M. Md Kaye sold 28,064 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $66.72, for a total transaction of $1,872,430.08. Following the transaction, the director directly owned 9,977 shares of the company’s stock, valued at approximately $665,665.44. The trade was a 73.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $64.73, for a total value of $323,650.00. Following the completion of the transaction, the director directly owned 22,933 shares in the company, valued at approximately $1,484,453.09. The trade was a 17.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 150,494 shares of company stock worth $9,586,778. Company insiders own 2.70% of the company’s stock.

Institutional Trading of Cytokinetics

Several hedge funds have recently modified their holdings of the company. UMB Bank n.a. raised its stake in shares of Cytokinetics by 10.6% in the 3rd quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock valued at $97,000 after purchasing an additional 169 shares during the period. CIBC Private Wealth Group LLC grew its holdings in shares of Cytokinetics by 8.1% during the third quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company’s stock worth $191,000 after buying an additional 261 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Cytokinetics by 32.3% in the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 262 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in Cytokinetics by 1.1% during the second quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company’s stock worth $1,008,000 after purchasing an additional 341 shares during the last quarter. Finally, KLP Kapitalforvaltning AS grew its position in Cytokinetics by 1.7% in the second quarter. KLP Kapitalforvaltning AS now owns 24,000 shares of the biopharmaceutical company’s stock valued at $793,000 after purchasing an additional 400 shares in the last quarter.

Cytokinetics Stock Performance

The firm’s 50-day simple moving average is $62.71 and its 200 day simple moving average is $48.65. The stock has a market capitalization of $8.66 billion, a P/E ratio of -11.20 and a beta of 0.58.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) EPS for the quarter, topping the consensus estimate of ($1.59) by $0.05. The company had revenue of $1.94 million for the quarter, compared to the consensus estimate of $6.05 million. During the same period in the previous year, the firm posted ($1.36) EPS. The business’s quarterly revenue was up 318.1% on a year-over-year basis. As a group, research analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.