Cytokinetics (NASDAQ:CYTK) PT Lowered to $78.00 at JMP Securities

Cytokinetics (NASDAQ:CYTK) had its price target decreased by JMP Securities from $106.00 to $78.00 in a research note issued to investors on Tuesday, Benzinga reports. JMP Securities currently has a market outperform rating on the biopharmaceutical company’s stock.

CYTK has been the subject of a number of other reports. Mizuho dropped their price objective on shares of Cytokinetics from $103.00 to $99.00 and set a buy rating for the company in a research note on Wednesday, March 6th. Needham & Company LLC lowered their target price on shares of Cytokinetics from $108.00 to $72.00 and set a buy rating for the company in a report on Thursday, May 23rd. Oppenheimer lowered their target price on shares of Cytokinetics from $107.00 to $106.00 and set an outperform rating for the company in a report on Thursday, May 9th. Truist Financial restated a buy rating and issued a $86.00 target price on shares of Cytokinetics in a report on Monday, April 8th. Finally, Raymond James lowered their target price on shares of Cytokinetics from $92.00 to $70.00 and set an outperform rating for the company in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Cytokinetics has an average rating of Moderate Buy and an average target price of $74.88.

Cytokinetics Stock Performance

CYTK opened at $49.12 on Tuesday. Cytokinetics has a fifty-two week low of $25.98 and a fifty-two week high of $110.25. The stock has a market capitalization of $5.15 billion, a price-to-earnings ratio of -9.10 and a beta of 0.72. The company has a fifty day moving average of $64.38 and a 200 day moving average of $63.94.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The business had revenue of $0.84 million for the quarter, compared to analyst estimates of $0.91 million. During the same period in the prior year, the firm earned ($1.38) earnings per share. The firm’s quarterly revenue was down 81.8% on a year-over-year basis. On average, equities research analysts forecast that Cytokinetics will post -4.55 earnings per share for the current year.

Insider Activity

In other news, Director John T. Henderson sold 10,562 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $64.54, for a total value of $681,671.48. Following the completion of the sale, the director now owns 32,070 shares in the company, valued at approximately $2,069,797.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director John T. Henderson sold 10,562 shares of Cytokinetics stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total value of $681,671.48. Following the transaction, the director now owns 32,070 shares of the company’s stock, valued at approximately $2,069,797.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Fady Ibraham Malik sold 32,604 shares of Cytokinetics stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $67.56, for a total transaction of $2,202,726.24. Following the completion of the transaction, the executive vice president now directly owns 138,973 shares in the company, valued at approximately $9,389,015.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,318 shares of company stock worth $6,319,540. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Fifth Third Bancorp grew its position in Cytokinetics by 94.1% during the 1st quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock worth $46,000 after purchasing an additional 318 shares during the last quarter. GAMMA Investing LLC purchased a new stake in Cytokinetics during the 4th quarter worth approximately $80,000. EntryPoint Capital LLC purchased a new stake in Cytokinetics during the 1st quarter worth approximately $74,000. Bessemer Group Inc. grew its position in Cytokinetics by 25,100.0% during the 1st quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 1,255 shares during the last quarter. Finally, Sage Rhino Capital LLC purchased a new stake in Cytokinetics during the 4th quarter worth approximately $204,000.

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.