Cytokinetics (NASDAQ:CYTK) Stock Price Up 7.4% – What’s Next?

by · The Cerbat Gem

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK – Get Free Report) shot up 7.4% during mid-day trading on Thursday . The stock traded as high as $49.51 and last traded at $49.85. 917,938 shares were traded during trading, a decline of 40% from the average session volume of 1,531,931 shares. The stock had previously closed at $46.40.

Analysts Set New Price Targets

Several research firms recently issued reports on CYTK. Needham & Company LLC reissued a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research report on Thursday, February 6th. Citigroup began coverage on Cytokinetics in a research report on Friday, February 7th. They set a “buy” rating and a $86.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a research report on Tuesday, January 21st. Morgan Stanley raised Cytokinetics from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $70.00 to $67.00 in a research report on Thursday, February 13th. Finally, JMP Securities reissued a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research report on Friday, February 7th. Two investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and an average price target of $82.00.

View Our Latest Analysis on Cytokinetics

Cytokinetics Price Performance

The company has a 50-day simple moving average of $47.29 and a two-hundred day simple moving average of $51.53. The stock has a market capitalization of $5.93 billion, a price-to-earnings ratio of -9.34 and a beta of 0.83. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28.

Insider Activity at Cytokinetics

In other news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $50.76, for a total transaction of $253,800.00. Following the completion of the sale, the chief executive officer now directly owns 397,678 shares of the company’s stock, valued at $20,186,135.28. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $45.92, for a total value of $91,840.00. Following the sale, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at approximately $5,329,980.32. This represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,122 shares of company stock valued at $1,494,016 over the last 90 days. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

Hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp lifted its holdings in shares of Cytokinetics by 21.3% during the third quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock valued at $3,802,000 after purchasing an additional 12,565 shares during the last quarter. Westfield Capital Management Co. LP lifted its holdings in shares of Cytokinetics by 38.9% during the third quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock valued at $64,040,000 after purchasing an additional 339,373 shares during the last quarter. Harvey Capital Management Inc. purchased a new stake in shares of Cytokinetics during the fourth quarter valued at $1,040,000. Charles Schwab Investment Management Inc. lifted its stake in Cytokinetics by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock worth $69,769,000 after acquiring an additional 395,709 shares in the last quarter. Finally, abrdn plc lifted its stake in Cytokinetics by 29.4% in the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock worth $21,192,000 after acquiring an additional 102,457 shares in the last quarter.

Cytokinetics Company Profile

(Get Free Report)

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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