Cytokinetics (NASDAQ:CYTK) Price Target Cut to $65.00

Cytokinetics (NASDAQ:CYTK) had its price objective dropped by research analysts at JPMorgan Chase & Co. from $77.00 to $65.00 in a report released on Monday, Benzinga reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 22.94% from the company’s previous close.

Several other brokerages have also weighed in on CYTK. Bank of America cut their price objective on shares of Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, May 23rd. Truist Financial reduced their price target on shares of Cytokinetics from $86.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, May 29th. B. Riley reduced their price target on shares of Cytokinetics from $122.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. JMP Securities reduced their price target on shares of Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating on the stock in a research report on Tuesday, May 28th. Finally, Barclays reduced their price target on shares of Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus target price of $77.06.

Cytokinetics Trading Down 1.9 %

NASDAQ:CYTK opened at $52.87 on Monday. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of -9.79 and a beta of 0.75. The company’s 50-day moving average is $57.62 and its two-hundred day moving average is $66.88. Cytokinetics has a 12-month low of $25.98 and a 12-month high of $110.25.

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

Insider Buying and Selling

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $52.55, for a total transaction of $262,750.00. Following the completion of the sale, the director now owns 20,600 shares in the company, valued at $1,082,530. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $52.55, for a total transaction of $262,750.00. Following the completion of the sale, the director now owns 20,600 shares in the company, valued at $1,082,530. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Robert Wong sold 13,011 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $48.88, for a total transaction of $635,977.68. Following the sale, the chief accounting officer now owns 16,653 shares of the company’s stock, valued at approximately $813,998.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 140,393 shares of company stock worth $8,284,390. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently modified their holdings of CYTK. First Turn Management LLC acquired a new position in shares of Cytokinetics during the fourth quarter valued at $67,414,000. Westfield Capital Management Co. LP acquired a new position in shares of Cytokinetics during the first quarter valued at $51,277,000. Norges Bank acquired a new position in shares of Cytokinetics during the fourth quarter valued at $60,299,000. Assenagon Asset Management S.A. acquired a new stake in Cytokinetics in the fourth quarter worth about $46,308,000. Finally, Fisher Asset Management LLC acquired a new stake in Cytokinetics in the fourth quarter worth about $44,754,000.

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.