JPMorgan Chase & Co. Boosts Cytokinetics (NASDAQ:CYTK) Price Target to $74.00

Cytokinetics (NASDAQ:CYTK) had its price target increased by analysts at JPMorgan Chase & Co. from $70.00 to $74.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 17.39% from the company’s previous close.

Several other equities analysts have also commented on CYTK. Morgan Stanley set a $90.00 price target on shares of Cytokinetics in a research note on Thursday, January 8th. HC Wainwright increased their target price on shares of Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. Jefferies Financial Group reissued a “buy” rating and issued a $90.00 price target on shares of Cytokinetics in a research report on Friday, January 9th. Leerink Partners set a $83.00 price objective on shares of Cytokinetics in a research note on Monday, December 22nd. Finally, Barclays lifted their target price on Cytokinetics from $82.00 to $87.00 and gave the stock an “overweight” rating in a research report on Monday, December 22nd. Sixteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and an average price target of $87.00.

Cytokinetics Trading Down 1.2%

Shares of CYTK stock opened at $63.04 on Tuesday. The company has a market cap of $7.71 billion, a P/E ratio of -10.02 and a beta of 0.55. The firm has a fifty day moving average price of $64.00 and a 200 day moving average price of $53.37. Cytokinetics has a 12 month low of $29.31 and a 12 month high of $70.98.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.59) by $0.05. The business had revenue of $1.94 million for the quarter, compared to analysts’ expectations of $6.05 million. The firm’s quarterly revenue was up 318.1% on a year-over-year basis. During the same period last year, the firm earned ($1.36) earnings per share. On average, equities analysts forecast that Cytokinetics will post -5.24 EPS for the current year.

Insider Activity

In other Cytokinetics news, Director John T. Henderson sold 8,750 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $63.90, for a total transaction of $559,125.00. Following the completion of the sale, the director directly owned 74,578 shares of the company’s stock, valued at approximately $4,765,534.20. This trade represents a 10.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 2,200 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $61.24, for a total value of $134,728.00. Following the completion of the transaction, the executive vice president directly owned 138,552 shares in the company, valued at approximately $8,484,924.48. The trade was a 1.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 159,544 shares of company stock worth $10,347,509 over the last quarter. 2.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

A number of large investors have recently bought and sold shares of CYTK. Millennium Management LLC boosted its holdings in shares of Cytokinetics by 361.9% in the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock valued at $11,571,000 after acquiring an additional 225,576 shares in the last quarter. Strs Ohio acquired a new stake in Cytokinetics in the first quarter valued at about $418,000. Wealth Enhancement Advisory Services LLC lifted its position in Cytokinetics by 30.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 8,476 shares of the biopharmaceutical company’s stock valued at $294,000 after purchasing an additional 1,988 shares during the period. UMB Bank n.a. boosted its holdings in Cytokinetics by 37.8% in the 2nd quarter. UMB Bank n.a. now owns 1,593 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 437 shares in the last quarter. Finally, J. Safra Sarasin Holding AG increased its position in Cytokinetics by 145.4% during the 2nd quarter. J. Safra Sarasin Holding AG now owns 68,190 shares of the biopharmaceutical company’s stock worth $2,253,000 after purchasing an additional 40,399 shares during the period.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.