Needham analyst Chad Messer initiated coverage with a Buy rating on Cytokinetics (CYTK – Research Report) today and set a price target of $48.00. The company’s shares closed last Monday at $28.56, close to its 52-week high of $30.14.
According to TipRanks.com, Messer is a 4-star analyst with an average return of 5.6% and a 40.8% success rate. Messer covers the Healthcare sector, focusing on stocks such as Mereo Biopharma Group Plc, Phasebio Pharmaceuticals, and Aeglea Biotherapeutics.
Cytokinetics has an analyst consensus of Strong Buy, with a price target consensus of $37.75, implying a 35.3% upside from current levels. In a report issued on July 13, Mizuho Securities also maintained a Buy rating on the stock with a $36.00 price target.
The company has a one-year high of $30.14 and a one-year low of $14.71. Currently, Cytokinetics has an average volume of 754.2K.
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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.