Truist Financial Forecasts Strong Price Appreciation for Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics (NASDAQ:CYTK) had its price objective upped by investment analysts at Truist Financial from $84.00 to $92.00 in a report issued on Tuesday, MarketBeat reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Truist Financial’s price objective would suggest a potential upside of 44.84% from the company’s previous close.

A number of other brokerages have also recently commented on CYTK. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research report on Tuesday, October 21st. Jefferies Financial Group restated a “buy” rating and set a $90.00 target price on shares of Cytokinetics in a research report on Friday, January 9th. JPMorgan Chase & Co. raised their target price on Cytokinetics from $70.00 to $74.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 20th. Needham & Company LLC lifted their target price on Cytokinetics from $72.00 to $84.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Finally, Morgan Stanley set a $90.00 price target on Cytokinetics in a report on Thursday, January 8th. Seventeen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.42.

Cytokinetics Price Performance

Shares of CYTK stock opened at $63.52 on Tuesday. The stock has a market capitalization of $7.77 billion, a PE ratio of -10.10 and a beta of 0.54. The business’s 50 day simple moving average is $63.63 and its 200 day simple moving average is $55.29. Cytokinetics has a one year low of $29.31 and a one year high of $70.98.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.59) by $0.05. The firm had revenue of $1.94 million for the quarter, compared to the consensus estimate of $6.05 million. During the same quarter in the previous year, the business posted ($1.36) EPS. The firm’s revenue for the quarter was up 318.1% compared to the same quarter last year. As a group, research analysts expect that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Transactions at Cytokinetics

In other news, Director Wendell Wierenga sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the completion of the sale, the director owned 32,444 shares in the company, valued at $2,145,846.16. The trade was a 38.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Andrew Callos sold 886 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $62.10, for a total value of $55,020.60. Following the transaction, the executive vice president directly owned 50,440 shares in the company, valued at $3,132,324. The trade was a 1.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 148,760 shares of company stock worth $9,694,837. 2.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Millennium Management LLC increased its position in shares of Cytokinetics by 361.9% during the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after acquiring an additional 225,576 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Cytokinetics by 30.6% during the 2nd 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 last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Cytokinetics by 17.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,613 shares of the biopharmaceutical company’s stock worth $152,000 after purchasing an additional 683 shares in the last quarter. KLP Kapitalforvaltning AS raised its stake in shares of Cytokinetics by 1.7% in the second quarter. KLP Kapitalforvaltning AS now owns 24,000 shares of the biopharmaceutical company’s stock worth $793,000 after purchasing an additional 400 shares during the last quarter. Finally, Aberdeen Group plc raised its stake in shares of Cytokinetics by 53.2% in the second quarter. Aberdeen Group plc now owns 922,929 shares of the biopharmaceutical company’s stock worth $30,494,000 after purchasing an additional 320,508 shares during the last quarter.

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.