Cytokinetics (NASDAQ:CYTK) Hits New 1-Year High – What’s Next?

Cytokinetics, Incorporated (NASDAQ:CYTK) reached a new 52-week high during trading on Monday . The company traded as high as $84.56 and last traded at $85.2180, with a volume of 14620 shares changing hands. The stock had previously closed at $82.19.

Analyst Ratings Changes

CYTK has been the subject of several research reports. Wall Street Zen raised shares of Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Barclays boosted their price objective on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. Mizuho upped their target price on Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, June 24th. Wells Fargo & Company increased their target price on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. lifted their price target on Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $100.00.

Cytokinetics Price Performance

The stock’s 50-day moving average is $73.76 and its 200 day moving average is $67.28. The company has a market cap of $10.58 billion, a PE ratio of -12.43 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. During the same period in the previous year, the company posted ($1.36) earnings per share. The business’s revenue for the quarter was up 1112.5% on a year-over-year basis. On average, analysts expect that Cytokinetics, Incorporated will post -6.26 EPS for the current year.

Insider Buying and Selling

In other news, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $74.08, for a total transaction of $370,400.00. Following the transaction, the director owned 15,784 shares in the company, valued at $1,169,278.72. This represents a 24.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the completion of the transaction, the executive vice president directly owned 58,555 shares of the company’s stock, valued at $3,806,075. The trade was a 21.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 120,373 shares of company stock worth $8,381,895 in the last ninety days. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Seven Fleet Capital Management LP lifted its stake in shares of Cytokinetics by 492.8% during the first quarter. Seven Fleet Capital Management LP now owns 61,269 shares of the biopharmaceutical company’s stock worth $4,038,000 after buying an additional 50,934 shares during the period. Western Wealth Management LLC acquired a new position in shares of Cytokinetics in the 1st quarter valued at $53,000. Cim Investment Management Inc. acquired a new position in shares of Cytokinetics in the 1st quarter valued at $308,000. Janus Henderson Group PLC raised its stake in Cytokinetics by 10.1% in the 1st quarter. Janus Henderson Group PLC now owns 282,121 shares of the biopharmaceutical company’s stock worth $18,593,000 after acquiring an additional 25,909 shares during the last quarter. Finally, Encore Global Management LP purchased a new position in Cytokinetics in the 1st quarter worth $330,000.

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.