Mizuho Forecasts Strong Price Appreciation for Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics (NASDAQ:CYTK) had its price objective raised by Mizuho from $99.00 to $103.00 in a report issued on Thursday,Benzinga reports. The firm currently has an outperform rating on the biopharmaceutical company’s stock.

A number of other analysts have also recently commented on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. JPMorgan Chase & Co. raised their target price on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. JMP Securities reiterated a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a report on Wednesday, September 4th. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a report on Monday, November 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $83.93.

Cytokinetics Stock Performance

CYTK stock opened at $49.10 on Thursday. The business has a 50 day moving average of $53.60 and a 200-day moving average of $54.66. The firm has a market cap of $5.79 billion, a PE ratio of -9.13 and a beta of 0.78. Cytokinetics has a 12-month low of $30.68 and a 12-month high of $110.25. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The business had revenue of $0.46 million for the quarter, compared to analyst estimates of $1.21 million. During the same quarter last year, the company posted ($1.35) earnings per share. The business’s revenue for the quarter was up 22.5% on a year-over-year basis. As a group, sell-side analysts expect that Cytokinetics will post -5.25 earnings per share for the current year.

Insider Activity

In related news, EVP Fady Ibraham Malik sold 7,384 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total transaction of $420,961.84. Following the completion of the sale, the executive vice president now owns 122,920 shares of the company’s stock, valued at $7,007,669.20. This trade represents a 5.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $50.55, for a total value of $252,750.00. Following the transaction, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $20,091,400.80. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,078 shares of company stock worth $3,514,119. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

Several large investors have recently modified their holdings of the company. US Bancorp DE increased its stake in shares of Cytokinetics by 67.2% in the first quarter. US Bancorp DE now owns 5,634 shares of the biopharmaceutical company’s stock worth $395,000 after purchasing an additional 2,265 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its stake in shares of Cytokinetics by 105.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 5,028 shares of the biopharmaceutical company’s stock valued at $353,000 after purchasing an additional 2,577 shares during the period. Bessemer Group Inc. grew its stake in Cytokinetics by 25,100.0% in the first 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 in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Cytokinetics during the 1st quarter worth about $2,103,000. Finally, EntryPoint Capital LLC bought a new position in shares of Cytokinetics during the first quarter valued at approximately $74,000.

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.