JPMorgan Chase & Co. Cuts Cytokinetics (NASDAQ:CYTK) Price Target to $65.00

Cytokinetics (NASDAQ:CYTK) had its target price trimmed by JPMorgan Chase & Co. from $77.00 to $65.00 in a research note released on Monday morning, Benzinga reports. The firm currently has an overweight rating on the biopharmaceutical company’s stock.

Several other research analysts have also commented on CYTK. B. Riley cut their price objective on Cytokinetics from $122.00 to $92.00 and set a buy rating for the company in a report on Tuesday, June 4th. Barclays cut their price objective on Cytokinetics from $100.00 to $95.00 and set an overweight rating for the company in a report on Thursday, May 23rd. Truist Financial cut their target price on Cytokinetics from $86.00 to $70.00 and set a buy rating for the company in a research note on Wednesday, May 29th. JMP Securities cut their target price on Cytokinetics from $106.00 to $78.00 and set a market outperform rating for the company in a research note on Tuesday, May 28th. Finally, Oppenheimer cut their target price on Cytokinetics from $107.00 to $106.00 and set an outperform rating for the company in a research note on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $77.06.

Cytokinetics Stock Down 2.1 %

Shares of CYTK opened at $51.75 on Monday. The business’s 50-day moving average price is $57.30 and its 200-day moving average price is $66.77. Cytokinetics has a twelve month low of $25.98 and a twelve month high of $110.25. The stock has a market cap of $5.43 billion, a PE ratio of -9.58 and a beta of 0.74.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The firm had revenue of $0.84 million during the quarter, compared to analysts’ expectations of $0.91 million. During the same quarter in the previous year, the company posted ($1.38) EPS. The firm’s revenue for the quarter was down 81.8% on a year-over-year basis. Analysts expect that Cytokinetics will post -4.55 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In related news, Director Robert Arthur Harrington sold 1,580 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $48.64, for a total value of $76,851.20. Following the completion of the sale, the director now owns 15,541 shares of the company’s stock, valued at $755,914.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $52.55, for a total value of $262,750.00. Following the completion of the sale, the director now owns 20,600 shares of the company’s stock, valued at $1,082,530. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert Arthur Harrington sold 1,580 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $48.64, for a total value of $76,851.20. Following the completion of the sale, the director now directly owns 15,541 shares of the company’s stock, valued at approximately $755,914.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 140,393 shares of company stock worth $8,284,390. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its position in Cytokinetics by 94.1% during the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after buying an additional 318 shares during the period. GAMMA Investing LLC purchased a new position in Cytokinetics during the fourth quarter valued at $80,000. EntryPoint Capital LLC purchased a new position in Cytokinetics during the first quarter valued at $74,000. Bessemer Group Inc. lifted its position in Cytokinetics by 25,100.0% during the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after buying an additional 1,255 shares during the period. Finally, Sage Rhino Capital LLC purchased a new position in shares of Cytokinetics in the 4th quarter worth about $204,000.

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.