Mizuho Issues Positive Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Cytokinetics (NASDAQ:CYTK) had its price objective upped by Mizuho from $99.00 to $103.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.

CYTK has been the topic of a number of other reports. Royal Bank of Canada initiated coverage on shares of Cytokinetics in a research note on Friday, November 8th. They issued an “outperform” rating and a $80.00 price target on the stock. JMP Securities restated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a research report on Wednesday, September 4th. The Goldman Sachs Group cut Cytokinetics from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. JPMorgan Chase & Co. increased their price objective on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.93.

Cytokinetics Price Performance

Shares of Cytokinetics stock traded up $0.22 on Thursday, hitting $47.89. The company’s stock had a trading volume of 411,963 shares, compared to its average volume of 2,048,876. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of -8.86 and a beta of 0.78. Cytokinetics has a 1 year low of $30.68 and a 1 year high of $110.25. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The firm has a fifty day moving average price of $53.74 and a 200-day moving average price of $54.92.

Cytokinetics (NASDAQ:CYTK) last posted 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 firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. During the same period in the previous year, the business earned ($1.35) EPS. Cytokinetics’s quarterly revenue was up 22.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Cytokinetics will post -5.31 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 7,384 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were 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. The trade was a 5.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total transaction of $285,150.00. Following the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at approximately $22,666,915.68. This trade represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,078 shares of company stock worth $3,514,119. Insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

Institutional investors have recently added to or reduced their stakes in the stock. Darwin Global Management Ltd. purchased a new position in shares of Cytokinetics during the second quarter worth $246,074,000. Integral Health Asset Management LLC boosted its holdings in 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 valued at $54,180,000 after acquiring an additional 550,000 shares during the period. Charles Schwab Investment Management Inc. grew its position 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 valued at $69,769,000 after acquiring an additional 395,709 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in 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 worth $64,040,000 after purchasing an additional 339,373 shares during the period. Finally, Sarissa Capital Management LP purchased a new stake in Cytokinetics during the first quarter worth 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.