Mizuho Raises Cytokinetics (NASDAQ:CYTK) Price Target to $103.00

Cytokinetics (NASDAQ:CYTK) had its target price boosted by research analysts at Mizuho from $99.00 to $103.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Mizuho’s target price would suggest a potential upside of 109.78% from the company’s previous close.

Several other equities research analysts have also commented on CYTK. The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and dropped their price target for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. Royal Bank of Canada began coverage on Cytokinetics in a research report on Friday, November 8th. They issued an “outperform” rating and a $80.00 target price on the stock. JMP Securities reiterated a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research report on Wednesday, September 4th. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a report on Monday, November 18th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. 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 company. According to MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.93.

Cytokinetics Trading Up 3.0 %

Shares of NASDAQ CYTK opened at $49.10 on Thursday. The company has a market cap of $5.79 billion, a price-to-earnings ratio of -9.13 and a beta of 0.78. The stock’s 50 day simple moving average is $53.60 and its 200 day simple moving average is $54.81. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. 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 results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The firm had revenue of $0.46 million for the quarter, compared to the consensus estimate of $1.21 million. The business’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same period last year, the business posted ($1.35) earnings per share. Equities research analysts expect that Cytokinetics will post -5.31 EPS for the current year.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 7,300 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $52.10, for a total value of $380,330.00. Following the completion of the transaction, the executive vice president now owns 118,920 shares in the company, valued at $6,195,732. This trade represents a 5.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total value of $285,150.00. Following the sale, the chief executive officer now owns 397,456 shares in the company, valued at approximately $22,666,915.68. The trade was a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,078 shares of company stock valued at $3,514,119 in the last quarter. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Darwin Global Management Ltd. purchased a new stake in shares of Cytokinetics in the 2nd quarter valued at approximately $246,074,000. Geode Capital Management LLC raised its stake in Cytokinetics by 4.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock valued at $150,433,000 after purchasing an additional 109,938 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cytokinetics by 42.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock valued at $69,769,000 after purchasing an additional 395,709 shares in the last quarter. Westfield Capital Management Co. LP boosted its position in shares of Cytokinetics by 38.9% in the third quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock worth $64,040,000 after buying an additional 339,373 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in shares of Cytokinetics by 17.2% during the third quarter. Janus Henderson Group PLC now owns 1,143,830 shares of the biopharmaceutical company’s stock valued at $60,399,000 after buying an additional 167,501 shares in the last quarter.

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.