Cytokinetics (NASDAQ:CYTK) Given New $71.00 Price Target at JPMorgan Chase & Co.

Cytokinetics (NASDAQ:CYTK) had its price objective upped by JPMorgan Chase & Co. from $65.00 to $71.00 in a report published on Thursday, Benzinga reports. The firm currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other equities research analysts also recently issued reports on CYTK. Barclays reduced their price objective on shares of Cytokinetics from $100.00 to $95.00 and set an overweight rating on the stock in a research note on Thursday, May 23rd. Raymond James reduced their price objective on shares of Cytokinetics from $92.00 to $70.00 and set an outperform rating on the stock in a research note on Thursday, May 23rd. Truist Financial reduced their price objective on shares of Cytokinetics from $86.00 to $70.00 and set a buy rating on the stock in a research note on Wednesday, May 29th. JMP Securities reiterated a market outperform rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Wednesday. Finally, Oppenheimer reduced their price objective on shares of Cytokinetics from $107.00 to $106.00 and set an outperform rating on the stock in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $80.67.

Cytokinetics Trading Up 1.9 %

CYTK stock opened at $55.93 on Thursday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 10.39. The company’s 50-day simple moving average is $56.23 and its 200 day simple moving average is $60.85. Cytokinetics has a 52 week low of $25.98 and a 52 week high of $110.25. The company has a market capitalization of $5.86 billion, a PE ratio of -10.36 and a beta of 0.77.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The company had revenue of $0.25 million for the quarter, compared to analyst estimates of $7.61 million. During the same quarter in the previous year, the business earned ($1.34) EPS. The business’s quarterly revenue was down 71.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cytokinetics will post -5.1 earnings per share for the current year.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 22,500 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $52.60, for a total value of $1,183,500.00. Following the completion of the transaction, the chief executive officer now owns 416,645 shares in the company, valued at approximately $21,915,527. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cytokinetics news, CEO Robert I. Blum sold 22,500 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $52.60, for a total transaction of $1,183,500.00. Following the completion of the transaction, the chief executive officer now owns 416,645 shares in the company, valued at approximately $21,915,527. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 7,384 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total transaction of $420,961.84. Following the transaction, the executive vice president now owns 122,920 shares of the company’s stock, valued at approximately $7,007,669.20. The disclosure for this sale can be found here. Insiders sold a total of 145,125 shares of company stock worth $7,981,849 in the last quarter. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Cytokinetics by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after purchasing an additional 273,565 shares during the last quarter. Darwin Global Management Ltd. acquired a new stake in shares of Cytokinetics during the 2nd quarter worth approximately $246,074,000. Integral Health Asset Management LLC grew its position in shares of Cytokinetics by 122.2% during the 2nd quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock worth $54,180,000 after buying an additional 550,000 shares during the period. First Turn Management LLC acquired a new stake in shares of Cytokinetics during the 4th quarter worth approximately $67,414,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Cytokinetics by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock worth $65,955,000 after buying an additional 33,257 shares during the period.

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.