Cytokinetics (NASDAQ:CYTK) Price Target Lowered to $95.00 at Barclays

Cytokinetics (NASDAQ:CYTK) had its price target dropped by investment analysts at Barclays from $100.00 to $95.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. Barclays‘s target price suggests a potential upside of 92.19% from the stock’s current price.

A number of other brokerages have also recently commented on CYTK. Needham & Company LLC cut their price target on shares of Cytokinetics from $108.00 to $72.00 and set a “buy” rating on the stock in a research report on Thursday. Mizuho cut their price target on shares of Cytokinetics from $103.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. Oppenheimer dropped their price objective on shares of Cytokinetics from $107.00 to $106.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. JMP Securities dropped their price objective on shares of Cytokinetics from $110.00 to $106.00 and set a “market outperform” rating on the stock in a report on Thursday, May 9th. Finally, UBS Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and upped their price objective for the company from $61.00 to $92.00 in a report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.81.

Cytokinetics Price Performance

Shares of Cytokinetics stock traded down $9.80 during trading on Thursday, hitting $49.43. The company’s stock had a trading volume of 8,399,800 shares, compared to its average volume of 2,678,808. Cytokinetics has a 52 week low of $25.98 and a 52 week high of $110.25. The stock has a market cap of $5.18 billion, a price-to-earnings ratio of -9.15 and a beta of 0.72. The stock has a 50-day moving average price of $66.44 and a two-hundred day moving average price of $63.55.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing the consensus estimate 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. During the same quarter last year, the company posted ($1.38) earnings per share. The firm’s revenue was down 81.8% compared to the same quarter last year. On average, equities analysts predict that Cytokinetics will post -4.73 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total value of $2,422,877.55. Following the completion of the sale, the executive vice president now owns 138,567 shares in the company, valued at approximately $10,296,913.77. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director John T. Henderson sold 10,562 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total transaction of $681,671.48. Following the completion of the transaction, the director now directly owns 32,070 shares of the company’s stock, valued at approximately $2,069,797.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the transaction, the executive vice president now directly owns 138,567 shares of the company’s stock, valued at $10,296,913.77. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,318 shares of company stock worth $6,319,540. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Zimmer Partners LP bought a new position in shares of Cytokinetics during the 1st quarter valued at approximately $2,706,000. Comerica Bank boosted its holdings in Cytokinetics by 185.4% in the 1st quarter. Comerica Bank now owns 130,806 shares of the biopharmaceutical company’s stock worth $9,171,000 after buying an additional 84,967 shares during the period. Castleark Management LLC bought a new position in Cytokinetics in the 1st quarter worth approximately $1,471,000. Murchinson Ltd. boosted its holdings in Cytokinetics by 56.7% in the 1st quarter. Murchinson Ltd. now owns 108,795 shares of the biopharmaceutical company’s stock worth $7,628,000 after buying an additional 39,356 shares during the period. Finally, Iron Triangle Partners LP bought a new position in Cytokinetics in the 1st quarter worth approximately $21,033,000.

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.