Cytokinetics (NASDAQ:CYTK) Upgraded to Strong-Buy at Citigroup

Citigroup upgraded shares of Cytokinetics (NASDAQ:CYTK) to a strong-buy rating in a research note released on Monday morning,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Stifel Nicolaus raised their price target on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Wells Fargo & Company raised their price target on Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Needham & Company LLC raised their price target on Cytokinetics from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Citizens Jmp raised their price target on Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research report on Wednesday, February 25th. Finally, Leerink Partners restated an “outperform” rating on shares of Cytokinetics in a research report on Tuesday, March 10th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.30.

Cytokinetics Stock Up 1.7%

NASDAQ:CYTK opened at $76.45 on Monday. Cytokinetics has a twelve month low of $29.81 and a twelve month high of $80.20. The business has a 50 day moving average price of $66.51 and a two-hundred day moving average price of $64.83. The company has a market cap of $9.51 billion, a P/E ratio of -11.18 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. During the same period in the prior year, the business earned ($1.36) EPS. The company’s revenue for the quarter was up 1112.5% compared to the same quarter last year. As a group, analysts anticipate that Cytokinetics will post -6.27 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $77.92, for a total transaction of $584,400.00. Following the completion of the transaction, the chief executive officer owned 400,330 shares in the company, valued at approximately $31,193,713.60. This represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the sale, the executive vice president directly owned 58,555 shares in the company, valued at approximately $3,806,075. This trade represents a 21.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 177,476 shares of company stock valued at $11,294,769. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

A number of large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its stake in Cytokinetics by 723.7% in 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 Cytokinetics in the 4th quarter worth approximately $27,000. Kestra Advisory Services LLC purchased a new position in Cytokinetics in the 4th quarter worth approximately $29,000. Quarry LP purchased a new position in Cytokinetics in the 3rd quarter worth approximately $30,000. Finally, TD Waterhouse Canada Inc. purchased a new position in Cytokinetics in the 4th quarter worth approximately $32,000.

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.