Cytokinetics Stock Price Target Increased Following Analyst Upgrades
Cytokinetics (NASDAQ:CYTK) has seen its stock price target raised significantly by multiple analysts, indicating a positive outlook for the biopharmaceutical company. In a research note published on November 6, 2023, analysts at Needham & Company LLC increased their price objective from $72.00 to $84.00, maintaining a “buy” rating. This new target suggests a potential upside of approximately 32.72% from the stock’s closing price prior to the announcement.
Several other financial institutions have also revised their assessments. Citizens JMP raised its target for Cytokinetics from $78.00 to $88.00, grading the stock as “market outperform.” Meanwhile, Bank of America adjusted its target from $52.00 to $56.00, rating it as “neutral.” On the other hand, HC Wainwright boosted its price target from $120.00 to $136.00, also issuing a “buy” rating. Additionally, Evercore ISI increased its price target from $60.00 to $80.00, giving the stock an “outperform” rating. B. Riley reissued a “buy” rating with a new price objective of $90.00, up from $80.00.
Currently, a total of fifteen analysts have assigned a “buy” rating to the stock, with three issuing a “hold” recommendation and one a “sell” rating. According to MarketBeat, Cytokinetics holds a consensus rating of “Moderate Buy” and a consensus target price of $83.61.
Recent Earnings and Insider Activity
Cytokinetics reported its quarterly earnings on November 5, 2023, revealing an earnings per share (EPS) of ($1.54), which surpassed analysts’ expectations of ($1.59) by $0.05. The company generated revenue of $1.94 million for the quarter, significantly lower than the anticipated $6.05 million, although this figure reflects a remarkable 318.1% increase year-over-year.
In terms of insider transactions, Wendell Wierenga, a director at Cytokinetics, sold 20,000 shares on December 22, 2023, at an average price of $66.14, amounting to a total of $1,322,800. Following this transaction, Wierenga’s remaining holdings stand at 32,444 shares, valued at approximately $2,145,846.16. This sale indicates a 38.14% reduction in Wierenga’s stake.
Additionally, Andrew Callos, the Executive Vice President, sold 52,486 shares on December 5, 2023, receiving $3,461,451.70 from the sale. After this transaction, Callos retains 50,660 shares valued at $3,341,027, reflecting a 50.89% decrease in his ownership.
Over the past quarter, insiders have sold a total of 168,494 shares of Cytokinetics stock, amounting to a value of $10,811,018. Insiders currently hold 3.40% of the company’s stock.
Institutional Investor Movements
Institutional investors have recently adjusted their holdings in Cytokinetics. HighTower Advisors LLC increased its stake by 21.8% in the first quarter, now owning 11,352 shares valued at $456,000. Similarly, American Century Companies Inc. raised its position by 1.3%, holding 361,388 shares valued at $14,524,000.
Other notable changes include Capital Fund Management S.A., which boosted its holdings by 36.6%, now owning 55,264 shares worth $2,221,000. CW Advisors LLC entered a new position valued at approximately $1,125,000, while AlphaQuest LLC grew its stake by 485.4%, now owning 6,650 shares valued at $267,000.
About Cytokinetics
Founded in 1998, Cytokinetics, Inc. is based in South San Francisco, California. The company focuses on developing novel small-molecule therapeutics to enhance muscle function, addressing diseases characterized by impaired muscle performance. Its most advanced program, omecamtiv mecarbil, is currently being evaluated for the treatment of heart failure by improving cardiac muscle contractility.
As the market continues to watch Cytokinetics closely, the company’s ongoing research and strategic developments may hold significant implications for its future performance and stock value.
