Truist Financial Reiterates “Buy” Rating for Cytokinetics (NASDAQ:CYTK)

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by equities researchers at Truist Financial in a note issued to investors on Monday, Benzinga reports. They presently have a $86.00 price target on the biopharmaceutical company’s stock. Truist Financial’s price target would suggest a potential upside of 14.59% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. UBS Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and increased their price objective for the company from $61.00 to $92.00 in a research note on Wednesday, January 24th. StockNews.com downgraded Cytokinetics from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $90.00 target price (up previously from $60.00) on shares of Cytokinetics in a research note on Friday, January 5th. HC Wainwright reissued a “buy” rating and set a $94.00 price target on shares of Cytokinetics in a research report on Wednesday, February 28th. Finally, Oppenheimer restated an “outperform” rating and issued a $107.00 price objective on shares of Cytokinetics in a research report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $79.33.

Cytokinetics Trading Up 1.2 %

Shares of Cytokinetics stock opened at $75.05 on Monday. The company has a 50-day moving average of $72.62 and a two-hundred day moving average of $56.68. Cytokinetics has a 12-month low of $25.98 and a 12-month high of $110.25. The stock has a market cap of $7.73 billion, a PE ratio of -13.77 and a beta of 0.68.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.35). The company had revenue of $1.70 million during the quarter, compared to analysts’ expectations of $7.62 million. Cytokinetics’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.45) earnings per share. On average, sell-side analysts forecast that Cytokinetics will post -4.5 EPS for the current fiscal year.

Insider Activity

In other news, Director John T. Henderson sold 5,000 shares of the business’s stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $85.14, for a total transaction of $425,700.00. Following the completion of the sale, the director now owns 42,632 shares in the company, valued at approximately $3,629,688.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director John T. Henderson sold 5,000 shares of the company’s stock in a transaction on Friday, January 12th. The shares were sold at an average price of $85.14, for a total transaction of $425,700.00. Following the completion of the sale, the director now directly owns 42,632 shares of the company’s stock, valued at approximately $3,629,688.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 32,605 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $79.30, for a total value of $2,585,576.50. Following the completion of the transaction, the executive vice president now directly owns 142,973 shares in the company, valued at $11,337,758.90. The disclosure for this sale can be found here. Insiders sold 132,814 shares of company stock valued at $10,031,655 in the last ninety days. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently bought and sold shares of CYTK. BlackRock Inc. increased its stake in Cytokinetics by 0.9% during the 1st quarter. BlackRock Inc. now owns 13,064,618 shares of the biopharmaceutical company’s stock worth $480,908,000 after buying an additional 113,654 shares during the period. Vanguard Group Inc. increased its position in shares of Cytokinetics by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after acquiring an additional 273,565 shares during the last quarter. State Street Corp lifted its stake in shares of Cytokinetics by 7.1% in the second quarter. State Street Corp now owns 5,091,580 shares of the biopharmaceutical company’s stock worth $166,087,000 after acquiring an additional 337,680 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Cytokinetics by 220.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,244,250 shares of the biopharmaceutical company’s stock valued at $270,863,000 after purchasing an additional 2,232,623 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Cytokinetics by 4.6% during the 1st quarter. Geode Capital Management LLC now owns 1,734,696 shares of the biopharmaceutical company’s stock valued at $61,044,000 after purchasing an additional 76,846 shares in the last quarter.

About Cytokinetics

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.