Barclays Initiates Coverage on Cytokinetics (NASDAQ:CYTK)

Research analysts at Barclays began coverage on shares of Cytokinetics (NASDAQ:CYTK) in a report released on Wednesday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $87.00 price target on the biopharmaceutical company’s stock. Barclays‘s price objective indicates a potential upside of 32.62% from the stock’s previous close.

A number of other analysts also recently issued reports on CYTK. Wall Street Zen downgraded Cytokinetics from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. B. Riley lifted their price objective on Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Truist Financial set a $84.00 price objective on Cytokinetics in a research note on Monday, December 22nd. Leerink Partners set a $83.00 target price on shares of Cytokinetics in a research report on Monday, December 22nd. Finally, UBS Group reiterated a “neutral” rating and issued a $61.00 target price on shares of Cytokinetics in a research note on Monday, December 1st. Sixteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $87.00.

Cytokinetics Stock Performance

CYTK opened at $65.60 on Wednesday. Cytokinetics has a fifty-two week low of $29.31 and a fifty-two week high of $70.98. The firm has a 50-day moving average of $63.86 and a 200 day moving average of $54.45. The firm has a market cap of $8.02 billion, a P/E ratio of -10.43 and a beta of 0.55.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.59) by $0.05. The company had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $6.05 million. During the same quarter in the previous year, the firm earned ($1.36) earnings per share. The firm’s revenue was up 318.1% compared to the same quarter last year. Equities research analysts predict that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

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 shares were sold at an average price of $63.90, for a total value of $559,125.00. Following the sale, the director directly owned 74,578 shares in the company, valued at $4,765,534.20. This represents a 10.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Andrew Callos sold 15,000 shares of the firm’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $60.28, for a total transaction of $904,200.00. Following the completion of the transaction, the executive vice president directly owned 50,440 shares of the company’s stock, valued at approximately $3,040,523.20. The trade was a 22.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 150,169 shares of company stock valued at $9,776,484. Company insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently made changes to their positions in CYTK. EverSource Wealth Advisors LLC grew its position in Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 673 shares in the last quarter. Quarry LP bought a new stake in shares of Cytokinetics during the 3rd quarter valued at about $30,000. TD Waterhouse Canada Inc. purchased a new position in shares of Cytokinetics during the fourth quarter worth about $32,000. Advisory Services Network LLC purchased a new position in shares of Cytokinetics during the third quarter worth about $32,000. Finally, Johnson Financial Group Inc. bought a new position in shares of Cytokinetics in the third quarter worth approximately $40,000.

About Cytokinetics

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.