Mizuho Forecasts Strong Price Appreciation for Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics (NASDAQ:CYTK) had its price objective increased by analysts at Mizuho from $99.00 to $103.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Mizuho’s target price would suggest a potential upside of 106.58% from the stock’s current price.

A number of other research firms have also recently weighed in on CYTK. Needham & Company LLC restated a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a report on Wednesday. Royal Bank of Canada started coverage on shares of Cytokinetics in a report on Friday, November 8th. They set an “outperform” rating and a $80.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a report on Monday. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Finally, The Goldman Sachs Group cut Cytokinetics from a “buy” rating to a “neutral” rating and cut their price target for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $83.93.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $49.86 on Thursday. The company’s fifty day simple moving average is $53.86 and its 200-day simple moving average is $54.97. 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 has a 52 week low of $30.68 and a 52 week high of $110.25. The company has a market cap of $5.88 billion, a PE ratio of -9.27 and a beta of 0.78.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The business had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. During the same quarter in the previous year, the company posted ($1.35) EPS. Cytokinetics’s quarterly revenue was up 22.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Cytokinetics will post -5.31 EPS for the current year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,384 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total value of $420,961.84. Following the sale, the executive vice president now directly owns 122,920 shares in the company, valued at approximately $7,007,669.20. This trade represents a 5.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $52.14, for a total transaction of $260,700.00. Following the transaction, the chief executive officer now owns 397,456 shares of the company’s stock, valued at $20,723,355.84. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 65,078 shares of company stock worth $3,514,119. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Darwin Global Management Ltd. bought a new stake in Cytokinetics during the 2nd quarter valued at $246,074,000. Integral Health Asset Management LLC raised its stake in shares of Cytokinetics by 122.2% during the second quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock valued at $54,180,000 after purchasing an additional 550,000 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Cytokinetics by 42.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock worth $69,769,000 after purchasing an additional 395,709 shares during the period. Westfield Capital Management Co. LP grew its position in Cytokinetics by 38.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock valued at $64,040,000 after buying an additional 339,373 shares in the last quarter. Finally, Sarissa Capital Management LP acquired a new position in Cytokinetics during the 1st quarter valued at about $21,033,000.

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.