Cytokinetics (NASDAQ:CYTK) PT Lowered to $106.00 at Oppenheimer

Cytokinetics (NASDAQ:CYTK) had its price target cut by investment analysts at Oppenheimer from $107.00 to $106.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s target price would suggest a potential upside of 65.47% from the stock’s previous close.

CYTK has been the subject of several other reports. Needham & Company LLC reiterated a “buy” rating and set a $108.00 price target on shares of Cytokinetics in a research report on Thursday. UBS Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and raised their price target for the company from $61.00 to $92.00 in a research report on Wednesday, January 24th. Mizuho reduced their target price on Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, March 6th. HC Wainwright restated a “buy” rating and issued a $94.00 price objective on shares of Cytokinetics in a report on Wednesday. Finally, Truist Financial restated a “buy” rating and set a $86.00 price objective on shares of Cytokinetics in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $79.27.

Cytokinetics Stock Down 1.9 %

Shares of NASDAQ:CYTK traded down $1.21 during trading on Thursday, hitting $64.06. The stock had a trading volume of 926,294 shares, compared to its average volume of 2,721,322. Cytokinetics has a 12-month low of $25.98 and a 12-month high of $110.25. The stock has a 50-day simple moving average of $67.82 and a two-hundred day simple moving average of $61.66. The stock has a market capitalization of $6.70 billion, a price-to-earnings ratio of -11.78 and a beta of 0.72.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The company had revenue of $0.84 million for the quarter, compared to the consensus estimate of $0.91 million. Cytokinetics’s revenue for the quarter was down 81.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.38) EPS. As a group, sell-side analysts forecast that Cytokinetics will post -4.5 earnings per share for the current year.

Insider Activity

In other Cytokinetics news, EVP Fady Ibraham Malik sold 32,604 shares of Cytokinetics stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $67.56, for a total value of $2,202,726.24. Following the transaction, the executive vice president now directly owns 138,973 shares of the company’s stock, valued at approximately $9,389,015.88. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director John T. Henderson sold 10,562 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total value of $681,671.48. Following the completion of the transaction, the director now owns 32,070 shares in the company, valued at approximately $2,069,797.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 32,604 shares of Cytokinetics stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $67.56, for a total value of $2,202,726.24. Following the sale, the executive vice president now directly owns 138,973 shares of the company’s stock, valued at $9,389,015.88. The disclosure for this sale can be found here. Insiders sold a total of 96,318 shares of company stock worth $6,701,940 in the last three months. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Cytokinetics by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock valued at $919,800,000 after acquiring an additional 273,565 shares in the last quarter. First Turn Management LLC bought a new position in Cytokinetics in the 4th quarter valued at about $67,414,000. Charles Schwab Investment Management Inc. lifted its holdings in Cytokinetics by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock worth $65,955,000 after purchasing an additional 33,257 shares during the last quarter. Norges Bank acquired a new stake in shares of Cytokinetics during the fourth quarter worth $60,299,000. Finally, Assenagon Asset Management S.A. bought a new stake in Cytokinetics in the 4th quarter valued at about $46,308,000.

About Cytokinetics

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.