Truist Financial Trims Cytokinetics (NASDAQ:CYTK) Target Price to $70.00

Cytokinetics (NASDAQ:CYTKFree Report) had its price objective lowered by Truist Financial from $86.00 to $70.00 in a research report released on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the biopharmaceutical company’s stock.

Several other research firms have also recently weighed in on CYTK. JMP Securities cut their price objective on Cytokinetics from $106.00 to $78.00 and set a market outperform rating on the stock in a research report on Tuesday. Barclays reduced their price target on Cytokinetics from $100.00 to $95.00 and set an overweight rating on the stock in a research note on Thursday, May 23rd. Raymond James lowered their price objective on Cytokinetics from $92.00 to $70.00 and set an outperform rating for the company in a research report on Thursday, May 23rd. Mizuho reduced their target price on shares of Cytokinetics from $103.00 to $99.00 and set a buy rating on the stock in a research report on Wednesday, March 6th. Finally, Oppenheimer lowered their price target on shares of Cytokinetics from $107.00 to $106.00 and set an outperform rating for the company in a research report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $74.88.

Get Our Latest Stock Report on Cytokinetics

Cytokinetics Stock Down 1.2 %

Shares of Cytokinetics stock opened at $48.51 on Wednesday. The company has a market cap of $5.09 billion, a PE ratio of -8.98 and a beta of 0.72. The business has a 50 day moving average of $64.00 and a 200 day moving average of $64.05. Cytokinetics has a 52 week low of $25.98 and a 52 week high of $110.25.

Cytokinetics (NASDAQ:CYTKGet Free Report) last issued its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The business had revenue of $0.84 million for the quarter, compared to analyst estimates of $0.91 million. The company’s quarterly revenue was down 81.8% on a year-over-year basis. During the same period in the previous year, the business earned ($1.38) EPS. On average, research analysts anticipate that Cytokinetics will post -4.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director John T. Henderson sold 10,562 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total value of $681,671.48. Following the transaction, the director now owns 32,070 shares in the company, valued at approximately $2,069,797.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cytokinetics news, Director John T. Henderson sold 10,562 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total transaction of $681,671.48. Following the completion of the sale, the director now directly owns 32,070 shares of the company’s stock, valued at $2,069,797.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Fady Ibraham Malik sold 32,604 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $67.56, for a total transaction of $2,202,726.24. Following the completion of the transaction, the executive vice president now owns 138,973 shares in the company, valued at $9,389,015.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,318 shares of company stock valued at $6,319,540. Insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

Several hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp lifted its position in shares of Cytokinetics by 94.1% during the 1st quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after buying an additional 318 shares in the last quarter. GAMMA Investing LLC bought a new position in shares of Cytokinetics in the fourth quarter worth approximately $80,000. EntryPoint Capital LLC purchased a new stake in shares of Cytokinetics in the first quarter worth $74,000. Bessemer Group Inc. raised its position in shares of Cytokinetics by 25,100.0% during the 1st quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after purchasing an additional 1,255 shares during the period. Finally, Sage Rhino Capital LLC purchased a new position in shares of Cytokinetics during the 4th quarter valued at $204,000.

Cytokinetics Company Profile

(Get Free Report)

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.

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