Mizuho Raises Cytokinetics (NASDAQ:CYTK) Price Target to $103.00

Cytokinetics (NASDAQ:CYTK) had its price objective boosted by research analysts at Mizuho from $99.00 to $103.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Mizuho’s price target indicates a potential upside of 109.78% from the stock’s current price.

Several other equities research analysts have also commented on CYTK. JPMorgan Chase & Co. upped their price target on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Royal Bank of Canada started coverage on shares of Cytokinetics in a report on Friday, November 8th. They issued an “outperform” rating and a $80.00 price target on the stock. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research note on Monday, November 18th. The Goldman Sachs Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and cut their target price for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $83.93.

Cytokinetics Price Performance

CYTK opened at $49.10 on Thursday. Cytokinetics has a 1 year low of $30.68 and a 1 year high of $110.25. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The company’s 50 day simple moving average is $53.60 and its 200 day simple moving average is $54.81. The stock has a market capitalization of $5.79 billion, a PE ratio of -9.13 and a beta of 0.78.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The firm had revenue of $0.46 million for the quarter, compared to the consensus estimate of $1.21 million. The firm’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same period in the previous year, the company earned ($1.35) earnings per share. As a group, sell-side analysts expect that Cytokinetics will post -5.31 EPS for the current year.

Insider Activity at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total value of $285,150.00. Following the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at $22,666,915.68. This represents a 1.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 6,342 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $58.48, for a total transaction of $370,880.16. Following the sale, the executive vice president now directly owns 113,878 shares of the company’s stock, valued at $6,659,585.44. The trade was a 5.28 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,078 shares of company stock valued at $3,514,119. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors have recently modified their holdings of the stock. Teachers Retirement System of The State of Kentucky grew its stake in Cytokinetics by 12.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 56,885 shares of the biopharmaceutical company’s stock worth $3,003,000 after purchasing an additional 6,300 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Cytokinetics by 4.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock worth $150,433,000 after buying an additional 109,938 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Cytokinetics in the 3rd quarter worth approximately $521,000. Two Sigma Advisers LP acquired a new position in shares of Cytokinetics in the 3rd quarter worth approximately $11,336,000. Finally, Stifel Financial Corp increased its holdings in shares of Cytokinetics by 8.5% in the 3rd quarter. Stifel Financial Corp now owns 25,067 shares of the biopharmaceutical company’s stock valued at $1,324,000 after acquiring an additional 1,959 shares during the last quarter.

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.