Cytokinetics (NASDAQ:CYTK) Given New $72.00 Price Target at Piper Sandler

Cytokinetics (NASDAQ:CYTKGet Rating) had its price objective upped by Piper Sandler from $50.00 to $72.00 in a report released on Thursday, The Fly reports. Piper Sandler’s price target suggests a potential upside of 85.38% from the company’s current price.

CYTK has been the topic of a number of other research reports. StockNews.com assumed coverage on Cytokinetics in a research report on Thursday, March 31st. They issued a “sell” rating on the stock. HC Wainwright restated a “buy” rating and issued a $75.00 price target on shares of Cytokinetics in a research report on Tuesday, May 24th. Zacks Investment Research cut Cytokinetics from a “buy” rating to a “hold” rating in a research report on Monday, February 21st. Needham & Company LLC raised their price target on Cytokinetics from $52.00 to $60.00 in a research report on Thursday, May 5th. Finally, The Goldman Sachs Group decreased their price target on Cytokinetics from $71.00 to $57.00 and set a “buy” rating on the stock in a research report on Tuesday, May 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $56.57.

Shares of CYTK traded down $2.84 during midday trading on Thursday, reaching $38.84. 593,792 shares of the stock were exchanged, compared to its average volume of 986,489. Cytokinetics has a twelve month low of $17.72 and a twelve month high of $47.90. The company has a quick ratio of 9.33, a current ratio of 9.33 and a debt-to-equity ratio of 1.68. The company has a market cap of $3.33 billion, a P/E ratio of -12.06 and a beta of 1.22. The stock’s 50 day simple moving average is $39.42 and its 200 day simple moving average is $37.81.

Cytokinetics (NASDAQ:CYTKGet Rating) last posted its earnings results on Wednesday, May 4th. The biopharmaceutical company reported ($1.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.09). Cytokinetics had a negative return on equity of 163.01% and a negative net margin of 396.22%. The firm had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.72 million. During the same period in the prior year, the business posted ($0.66) EPS. The firm’s quarterly revenue was down 82.5% compared to the same quarter last year. As a group, analysts predict that Cytokinetics will post -4.41 earnings per share for the current year.

In other news, CEO Robert I. Blum sold 10,000 shares of Cytokinetics stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $43.11, for a total transaction of $431,100.00. Following the sale, the chief executive officer now directly owns 409,124 shares of the company’s stock, valued at $17,637,335.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 13,987 shares of Cytokinetics stock in a transaction dated Thursday, May 12th. The shares were sold at an average price of $37.54, for a total value of $525,071.98. Following the sale, the executive vice president now directly owns 168,084 shares in the company, valued at $6,309,873.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 137,331 shares of company stock worth $5,331,070. Company insiders own 5.00% of the company’s stock.

Several hedge funds have recently made changes to their positions in CYTK. Paragon Capital Management Ltd acquired a new position in shares of Cytokinetics in the fourth quarter worth approximately $47,000. Penserra Capital Management LLC lifted its stake in shares of Cytokinetics by 16.8% in the third quarter. Penserra Capital Management LLC now owns 1,910 shares of the biopharmaceutical company’s stock worth $68,000 after acquiring an additional 275 shares during the period. First Mercantile Trust Co. acquired a new position in shares of Cytokinetics in the third quarter worth approximately $86,000. KBC Group NV acquired a new position in shares of Cytokinetics in the first quarter worth approximately $99,000. Finally, Chilton Capital Management LLC acquired a new position in shares of Cytokinetics in the fourth quarter worth approximately $103,000.

About Cytokinetics (Get Rating)

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.

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