Cytokinetics (NASDAQ:CYTK) Price Target Cut to $65.00 by Analysts at JPMorgan Chase & Co.

Cytokinetics (NASDAQ:CYTK) had its price objective reduced by investment analysts at JPMorgan Chase & Co. from $77.00 to $65.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 21.45% from the company’s previous close.

A number of other research firms also recently commented on CYTK. Barclays dropped their price objective on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. Truist Financial dropped their price target on Cytokinetics from $86.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, May 29th. Raymond James dropped their price target on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, May 23rd. Needham & Company LLC dropped their price target on Cytokinetics from $108.00 to $72.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. Finally, Oppenheimer dropped their price target on Cytokinetics from $107.00 to $106.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.06.

Cytokinetics Stock Performance

CYTK opened at $53.52 on Monday. Cytokinetics has a one year low of $25.98 and a one year high of $110.25. The company has a market cap of $5.61 billion, a P/E ratio of -9.91 and a beta of 0.74. The business’s 50-day simple moving average is $58.23 and its 200-day simple moving average is $66.61.

Cytokinetics (NASDAQ:CYTK) last released 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 firm had revenue of $0.84 million during the quarter, compared to analyst estimates of $0.91 million. During the same quarter in the prior year, the firm posted ($1.38) EPS. The business’s revenue was down 81.8% on a year-over-year basis. As a group, analysts predict that Cytokinetics will post -4.55 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Robert Wong sold 13,011 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $48.88, for a total value of $635,977.68. Following the completion of the sale, the chief accounting officer now directly owns 16,653 shares of the company’s stock, valued at approximately $813,998.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the completion of the transaction, the executive vice president now directly owns 138,567 shares of the company’s stock, valued at $10,296,913.77. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Robert Wong sold 13,011 shares of Cytokinetics stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $48.88, for a total value of $635,977.68. Following the transaction, the chief accounting officer now directly owns 16,653 shares of the company’s stock, valued at $813,998.64. The disclosure for this sale can be found here. Insiders sold 133,093 shares of company stock valued at $7,892,234 in the last three months. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

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