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

Cytokinetics (NASDAQ:CYTK) had its target price hoisted by stock analysts at Mizuho from $100.00 to $118.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Mizuho’s price objective points to a potential upside of 47.48% from the stock’s previous close.

CYTK has been the topic of several other research reports. Truist Financial set a $106.00 price objective on shares of Cytokinetics in a research note on Tuesday, May 5th. Barclays upped their target price on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, April 6th. Citizens Jmp increased 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. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Bank of America restated a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Two 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 company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $100.20.

Cytokinetics Price Performance

CYTK stock opened at $80.01 on Wednesday. The firm has a market cap of $9.96 billion, a price-to-earnings ratio of -11.70 and a beta of 0.42. Cytokinetics has a 1-year low of $32.22 and a 1-year high of $80.80. The firm has a fifty day moving average price of $72.05 and a two-hundred day moving average price of $66.58.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same quarter in the previous year, the business posted ($1.36) earnings per share. The company’s quarterly revenue was up 1112.5% compared to the same quarter last year. As a group, analysts expect that Cytokinetics will post -6.29 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Edward M. Md Kaye sold 2,933 shares of Cytokinetics stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $76.09, for a total transaction of $223,171.97. Following the sale, the director owned 10,283 shares of the company’s stock, valued at approximately $782,433.47. The trade was a 22.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $370,400.00. Following the transaction, the director owned 15,784 shares of the company’s stock, valued at approximately $1,169,278.72. This represents a 24.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 117,239 shares of company stock valued at $8,115,505 in the last ninety days. Insiders own 2.60% of the company’s stock.

Institutional Trading of Cytokinetics

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after purchasing an additional 191,336 shares in the last quarter. State Street Corp increased its holdings in shares of Cytokinetics by 3.7% during the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock valued at $370,139,000 after purchasing an additional 207,961 shares during the period. Deep Track Capital LP raised its stake in shares of Cytokinetics by 17.8% during the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after purchasing an additional 650,000 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Cytokinetics by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after purchasing an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP lifted its holdings in Cytokinetics by 14.8% in the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after purchasing an additional 384,469 shares during the period.

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.