Mizuho Securities Believes Cytokinetics (NASDAQ: CYTK) Still Has Room to Grow

In a report released today, Salim Syed from Mizuho Securities initiated coverage with a Buy rating on Cytokinetics (CYTKResearch Report) and a price target of $31.00. The company’s shares closed last Friday at $21.91, close to its 52-week high of $23.04.

According to TipRanks.com, Syed is a 1-star analyst with an average return of -3.5% and a 51.4% success rate. Syed covers the Healthcare sector, focusing on stocks such as Atara Biotherapeutics, Assembly Biosciences, and Coherus Biosciences.

Currently, the analyst consensus on Cytokinetics is a Strong Buy with an average price target of $30.40, implying a 41.4% upside from current levels. In a report issued on May 11, H.C. Wainwright also reiterated a Buy rating on the stock with a $35.00 price target.

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The company has a one-year high of $23.04 and a one-year low of $7.73. Currently, Cytokinetics has an average volume of 991.9K.

Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CYTK in relation to earlier this year. Earlier this month, Santo Costa, a Director at CYTK sold 29,999 shares for a total of $594,681.

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Cytokinetics, Inc. operates as a biopharmaceutical company, which focuses on the discovery and development of muscle activators as potential treatment for debilitating diseases. It conducts a Phase 2 clinical trials program for tirasemtiv, including a Phase 2b clinical trial in patients with ALS, known as BENEFIT-ALS (Blinded Evaluation of Neuromuscular Effects and Functional Improvement with Tirasemtiv in ALS). The company was founded on August 5, 1997 and is headquartered in South San Francisco, CA.