Cytokinetics (NASDAQ:CYTK) Coverage Initiated by Analysts at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Cytokinetics (NASDAQ:CYTK) in a research note issued to investors on Friday morning, MarketBeat reports. The brokerage issued an overweight rating and a $95.00 target price on the biopharmaceutical company’s stock.

Several other equities research analysts have also recently issued reports on the company. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a report on Monday, December 22nd. B. Riley Financial lifted their target price on Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. JPMorgan Chase & Co. lifted their target price on Cytokinetics from $74.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, March 17th. HC Wainwright boosted their target price on shares of Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Finally, Royal Bank Of Canada boosted their target price on shares of Cytokinetics from $95.00 to $101.00 and gave the stock an “outperform” rating in a report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and a consensus target price of $90.55.

Cytokinetics Trading Up 0.7%

Shares of CYTK stock opened at $65.01 on Friday. Cytokinetics has a 12-month low of $29.31 and a 12-month high of $70.98. The stock’s 50-day moving average price is $63.90 and its 200-day moving average price is $62.58. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of -9.96 and a beta of 0.47.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The firm had revenue of $17.76 million during the quarter, compared to analysts’ expectations of $8.02 million. During the same quarter last year, the business earned ($1.26) earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. As a group, research analysts predict that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other news, EVP Sung Lee sold 4,935 shares of the business’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $306,710.25. Following the sale, the executive vice president directly owned 87,127 shares in the company, valued at $5,414,943.05. The trade was a 5.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert I. Blum sold 36,601 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $2,274,752.15. Following the completion of the sale, the chief executive officer owned 430,330 shares in the company, valued at approximately $26,745,009.50. This trade represents a 7.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 125,556 shares of company stock valued at $7,784,742. Corporate insiders own 2.70% of the company’s stock.

Institutional Trading of Cytokinetics

A number of large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its stake in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares during the period. Kemnay Advisory Services Inc. purchased a new position in shares of Cytokinetics during the 4th quarter worth about $27,000. Kestra Advisory Services LLC purchased a new position in shares of Cytokinetics during the 4th quarter worth about $29,000. Quarry LP purchased a new position in shares of Cytokinetics during the 3rd quarter worth about $30,000. Finally, TD Waterhouse Canada Inc. purchased a new position in shares of Cytokinetics during the 4th quarter worth about $32,000.

About Cytokinetics

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.