JPMorgan Chase & Co. Cuts Cytokinetics (NASDAQ:CYTK) Price Target to $65.00

Cytokinetics (NASDAQ:CYTK) had its price target lowered by JPMorgan Chase & Co. from $77.00 to $65.00 in a research report report published on Monday, Benzinga reports. The firm currently has an overweight rating on the biopharmaceutical company’s stock.

CYTK has been the subject of several other reports. JMP Securities lowered their price objective on shares of Cytokinetics from $106.00 to $78.00 and set a market outperform rating for the company in a research note on Tuesday, May 28th. B. Riley cut their price objective on Cytokinetics from $122.00 to $92.00 and set a buy rating on the stock in a report on Tuesday, June 4th. Barclays dropped their target price on Cytokinetics from $100.00 to $95.00 and set an overweight rating on the stock in a research report on Thursday, May 23rd. Truist Financial cut their price objective on shares of Cytokinetics from $86.00 to $70.00 and set a buy rating on the stock in a research note on Wednesday, May 29th. Finally, Raymond James lowered their price target on shares of Cytokinetics from $92.00 to $70.00 and set an outperform rating on the stock in a report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $77.06.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $53.78 on Monday. The company has a market cap of $5.64 billion, a PE ratio of -9.96 and a beta of 0.74. Cytokinetics has a 52-week low of $25.98 and a 52-week high of $110.25. The firm’s 50 day moving average price is $57.03 and its 200-day moving average price is $66.68.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly 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 firm had revenue of $0.84 million during the quarter, compared to analyst estimates of $0.91 million. The company’s revenue for the quarter was down 81.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.38) EPS. On average, analysts forecast that Cytokinetics will post -4.55 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 32,605 shares of the company’s stock in a transaction dated 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 completion of the sale, the executive vice president now owns 138,567 shares of the company’s stock, valued at approximately $10,296,913.77. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Robert Arthur Harrington sold 1,580 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $48.64, for a total value of $76,851.20. Following the completion of the sale, the director now owns 15,541 shares of the company’s stock, valued at approximately $755,914.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 32,605 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 138,567 shares in the company, valued at $10,296,913.77. The disclosure for this sale can be found here. In the last ninety days, insiders sold 140,393 shares of company stock valued at $8,284,390. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

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