Mizuho Forecasts Strong Price Appreciation for Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics (NASDAQ:CYTK) had its price target boosted by investment analysts at Mizuho from $99.00 to $103.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Mizuho’s target price would indicate a potential upside of 106.58% from the company’s previous close.

A number of other brokerages also recently commented on CYTK. JMP Securities reissued a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Wednesday, September 4th. Needham & Company LLC restated a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a report on Wednesday. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Royal Bank of Canada initiated coverage on Cytokinetics in a report on Friday, November 8th. They set an “outperform” rating and a $80.00 price target for the company. Finally, The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and cut their target price for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $83.93.

Cytokinetics Stock Performance

Shares of Cytokinetics stock opened at $49.86 on Thursday. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The stock has a market capitalization of $5.88 billion, a price-to-earnings ratio of -9.27 and a beta of 0.78. The business has a 50-day moving average of $53.86 and a 200 day moving average of $54.97. Cytokinetics has a 12 month low of $30.68 and a 12 month high of $110.25.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The company had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. During the same period in the prior year, the business earned ($1.35) EPS. The business’s quarterly revenue was up 22.5% on a year-over-year basis. As a group, sell-side analysts forecast that Cytokinetics will post -5.31 earnings per share for the current year.

Insider Buying and Selling at Cytokinetics

In related news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $50.55, for a total transaction of $252,750.00. Following the transaction, the chief executive officer now owns 397,456 shares of the company’s stock, valued at $20,091,400.80. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Fady Ibraham Malik sold 7,384 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total value of $420,961.84. Following the completion of the transaction, the executive vice president now owns 122,920 shares of the company’s stock, valued at $7,007,669.20. The trade was a 5.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,078 shares of company stock valued at $3,514,119 in the last ninety days. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. J.Safra Asset Management Corp grew its holdings in shares of Cytokinetics by 642.3% in the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after acquiring an additional 456 shares during the period. UMB Bank n.a. lifted its stake in shares of Cytokinetics by 65.6% during the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 238 shares during the period. Blue Trust Inc. boosted its stake in Cytokinetics by 225.9% in the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after buying an additional 680 shares during the last quarter. Values First Advisors Inc. purchased a new stake in Cytokinetics in the third quarter valued at approximately $54,000. Finally, EntryPoint Capital LLC purchased a new stake in shares of Cytokinetics during the 1st quarter valued at $74,000.

Cytokinetics Company Profile

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.