Cytokinetics (NASDAQ:CYTK) Shares Up 7.6% – Should You Buy?

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) rose 7.6% on Friday . The stock traded as high as $42.62 and last traded at $44.80. Approximately 810,292 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 1,402,997 shares. The stock had previously closed at $41.62.

Analysts Set New Price Targets

CYTK has been the topic of several analyst reports. HC Wainwright reiterated a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a research note on Tuesday, January 21st. JMP Securities reiterated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a research note on Friday, February 7th. Morgan Stanley upgraded Cytokinetics from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $70.00 to $67.00 in a research note on Thursday. Stifel Nicolaus initiated coverage on Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 target price on the stock. Finally, Royal Bank of Canada raised their price target on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, December 18th. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $82.00.

Cytokinetics Stock Performance

The firm has a fifty day moving average of $47.52 and a 200-day moving average of $51.81. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of -8.58 and a beta of 0.83. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $50.55, for a total transaction of $252,750.00. Following the completion of the transaction, the chief executive officer now owns 397,456 shares of the company’s stock, valued at approximately $20,091,400.80. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $50.16, for a total value of $366,168.00. Following the transaction, the executive vice president now directly owns 111,878 shares of the company’s stock, valued at $5,611,800.48. The trade was a 6.13 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,122 shares of company stock valued at $1,654,806. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds have recently bought and sold shares of CYTK. Creative Planning increased its position in Cytokinetics by 50.5% during the third quarter. Creative Planning now owns 23,666 shares of the biopharmaceutical company’s stock worth $1,250,000 after buying an additional 7,939 shares in the last quarter. Blue Trust Inc. increased its position in Cytokinetics by 225.9% during the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after buying an additional 680 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Cytokinetics by 6.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 93,299 shares of the biopharmaceutical company’s stock valued at $4,926,000 after purchasing an additional 5,487 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Cytokinetics in the third quarter valued at $558,000. Finally, Values First Advisors Inc. purchased a new stake in shares of Cytokinetics in the third quarter valued at $54,000.

About Cytokinetics

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.