Bank of America Has Lowered Expectations for Cytokinetics (NASDAQ:CYTK) Stock Price

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its target price lowered by investment analysts at Bank of America from $62.00 to $54.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the biopharmaceutical company's stock. Bank of America's price target indicates a potential upside of 36.78% from the stock's current price.

Several other research analysts have also weighed in on CYTK. Evercore ISI raised shares of Cytokinetics to a "strong-buy" rating in a research note on Friday, February 7th. Stifel Nicolaus initiated coverage on shares of Cytokinetics in a report on Wednesday, January 22nd. They issued a "buy" rating and a $80.00 target price for the company. Needham & Company LLC restated a "buy" rating and set a $72.00 price target on shares of Cytokinetics in a research note on Tuesday, April 8th. Royal Bank of Canada lifted their price objective on Cytokinetics from $80.00 to $82.00 and gave the company an "outperform" rating in a research note on Wednesday, December 18th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $120.00 target price on shares of Cytokinetics in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cytokinetics has a consensus rating of "Moderate Buy" and a consensus target price of $81.63.

Cytokinetics Trading Up 0.8 %

Shares of NASDAQ CYTK traded up $0.33 during midday trading on Tuesday, reaching $39.48. 1,075,537 shares of the stock were exchanged, compared to its average volume of 1,602,450. Cytokinetics has a twelve month low of $32.74 and a twelve month high of $68.76. The stock has a market capitalization of $4.71 billion, a P/E ratio of -7.34 and a beta of 0.94. The company has a 50 day simple moving average of $42.63 and a 200 day simple moving average of $47.75. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.29) by $0.03. The business had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million. As a group, equities analysts expect that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Andrew Callos sold 2,886 shares of the company's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $35.78, for a total value of $103,261.08. Following the completion of the transaction, the executive vice president now directly owns 64,689 shares of the company's stock, valued at $2,314,572.42. This represents a 4.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John T. Henderson sold 3,190 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $38.66, for a total transaction of $123,325.40. Following the sale, the director now directly owns 66,348 shares in the company, valued at approximately $2,565,013.68. The trade was a 4.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,360 shares of company stock worth $2,890,065. Corporate insiders own 3.40% of the company's stock.

Institutional Trading of Cytokinetics

Several institutional investors and hedge funds have recently made changes to their positions in CYTK. Fifth Third Bancorp increased its position in Cytokinetics by 42.2% during the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after buying an additional 291 shares during the period. GAMMA Investing LLC raised its position in Cytokinetics by 281.0% in the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock valued at $45,000 after purchasing an additional 826 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in Cytokinetics by 17.7% during the 1st quarter. Harbor Capital Advisors Inc. now owns 53,113 shares of the biopharmaceutical company's stock worth $2,135,000 after purchasing an additional 7,983 shares during the period. UMB Bank n.a. grew its position in Cytokinetics by 91.4% during the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock worth $46,000 after purchasing an additional 552 shares during the last quarter. Finally, E. Ohman J or Asset Management AB purchased a new stake in shares of Cytokinetics in the first quarter valued at about $13,232,000.

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.