Bank of America Has Lowered Expectations for Cytokinetics (NASDAQ:CYTK) Stock Price

Cytokinetics (NASDAQ:CYTK) had its price objective reduced by Bank of America from $62.00 to $54.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. Bank of America‘s price target indicates a potential upside of 37.93% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. Evercore ISI upgraded shares of Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Morgan Stanley set a $67.00 price target on Cytokinetics in a research report on Friday, March 7th. Needham & Company LLC reiterated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research report on Tuesday, April 8th. Citigroup initiated coverage on Cytokinetics in a report on Friday, February 7th. They set a “buy” rating and a $86.00 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research note on Tuesday. Two analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.63.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $39.15 on Tuesday. The stock has a 50 day simple moving average of $42.73 and a 200 day simple moving average of $47.93. The stock has a market cap of $4.67 billion, a P/E ratio of -7.28 and a beta of 0.94. Cytokinetics has a 1-year low of $32.74 and a 1-year high of $69.90. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million. Research analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Activity

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $45.92, for a total value of $91,840.00. Following the completion of the transaction, the executive vice president now directly owns 116,071 shares in the company, valued at approximately $5,329,980.32. This trade represents a 1.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John T. Henderson sold 3,190 shares of the business’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $38.66, for a total value of $123,325.40. Following the sale, the director now owns 66,348 shares in the company, valued at approximately $2,565,013.68. This trade represents a 4.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,360 shares of company stock worth $2,890,065. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several large investors have recently modified their holdings of the business. Harvey Capital Management Inc. acquired a new stake in Cytokinetics in the fourth quarter valued at $1,040,000. abrdn plc grew its position in shares of Cytokinetics by 29.4% in the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock valued at $21,192,000 after buying an additional 102,457 shares during the last quarter. AlphaQuest LLC increased its stake in shares of Cytokinetics by 113,500.0% in the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after buying an additional 1,135 shares during the period. Vanguard Group Inc. raised its position in shares of Cytokinetics by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock worth $560,520,000 after acquiring an additional 154,216 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Cytokinetics by 1.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company’s stock worth $62,807,000 after acquiring an additional 13,798 shares during the period.

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.