Cytokinetics (NASDAQ:CYTK) Given New $90.00 Price Target at HC Wainwright

Cytokinetics (NASDAQ:CYTK) had its target price dropped by investment analysts at HC Wainwright from $94.00 to $90.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price target would suggest a potential upside of 80.40% from the stock’s current price.

A number of other research firms have also recently commented on CYTK. Raymond James cut their price objective on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday. UBS Group cut Cytokinetics from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $61.00 to $92.00 in a research report on Wednesday, January 24th. Oppenheimer dropped their price target on Cytokinetics from $107.00 to $106.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Needham & Company LLC dropped their price target on Cytokinetics from $108.00 to $72.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Mizuho dropped their price target on Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $77.47.

Cytokinetics Price Performance

NASDAQ:CYTK traded down $9.34 during trading hours on Thursday, reaching $49.89. The company had a trading volume of 10,549,055 shares, compared to its average volume of 2,704,323. Cytokinetics has a 1-year low of $25.98 and a 1-year high of $110.25. The firm has a market cap of $5.23 billion, a PE ratio of -9.22 and a beta of 0.72. The business’s 50 day moving average price is $66.44 and its 200-day moving average price is $63.55.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The firm had revenue of $0.84 million during the quarter, compared to analyst estimates of $0.91 million. Cytokinetics’s quarterly revenue was down 81.8% on a year-over-year basis. During the same period in the previous year, the business earned ($1.38) EPS. On average, analysts expect that Cytokinetics will post -4.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other news, Director John T. Henderson sold 10,562 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $64.54, for a total value of $681,671.48. Following 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 document filed with the SEC, which is available at this hyperlink. In related news, EVP Fady Ibraham Malik sold 15,547 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $65.11, for a total transaction of $1,012,265.17. Following the transaction, the executive vice president now owns 137,056 shares in the company, valued at approximately $8,923,716.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Henderson sold 10,562 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $64.54, for a total value of $681,671.48. Following the transaction, the director now owns 32,070 shares in the company, valued at approximately $2,069,797.80. The disclosure for this sale can be found here. Insiders have sold 91,318 shares of company stock valued at $6,319,540 in the last quarter. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CYTK. Fifth Third Bancorp grew its stake in Cytokinetics by 94.1% during the 1st quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock worth $46,000 after buying an additional 318 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in Cytokinetics during the 1st quarter worth approximately $74,000. GAMMA Investing LLC acquired a new stake in Cytokinetics during the 4th quarter worth approximately $80,000. Bessemer Group Inc. lifted its position in Cytokinetics by 25,100.0% during the 1st quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after acquiring an additional 1,255 shares during the period. Finally, Sage Rhino Capital LLC acquired a new stake in Cytokinetics during the 4th quarter worth approximately $204,000.

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.