Cytokinetics (NASDAQ:CYTK) Coverage Initiated by Analysts at Royal Bank of Canada

Royal Bank of Canada initiated coverage on shares of Cytokinetics (NASDAQ:CYTK) in a research report sent to investors on Friday, MarketBeat reports. The brokerage issued an outperform rating and a $80.00 price target on the biopharmaceutical company’s stock.

Several other brokerages also recently weighed in on CYTK. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a report on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a research report on Thursday, October 17th. The Goldman Sachs Group cut Cytokinetics from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. JPMorgan Chase & Co. increased their price objective on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Finally, JMP Securities restated a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Cytokinetics presently has a consensus rating of “Moderate Buy” and an average price target of $83.67.

Cytokinetics Stock Performance

NASDAQ:CYTK traded up $2.14 on Friday, reaching $57.98. 1,719,834 shares of the company’s stock were exchanged, compared to its average volume of 988,072. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93. The business has a fifty day moving average of $54.10 and a 200-day moving average of $55.64. Cytokinetics has a 52-week low of $30.68 and a 52-week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The company had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $1.21 million. The firm’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same period last year, the business earned ($1.35) earnings per share. Equities analysts predict that Cytokinetics will post -5.2 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 11,500 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $55.17, for a total value of $634,455.00. Following the completion of the transaction, the chief executive officer now owns 399,412 shares in the company, valued at $22,035,560.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Robert I. Blum sold 11,500 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $55.17, for a total transaction of $634,455.00. Following the sale, the chief executive officer now directly owns 399,412 shares of the company’s stock, valued at approximately $22,035,560.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Wendall Wierenga sold 4,452 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $52.25, for a total value of $232,617.00. Following the transaction, the director now owns 24,559 shares of the company’s stock, valued at approximately $1,283,207.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 70,236 shares of company stock worth $3,800,944. 3.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Louisiana State Employees Retirement System lifted its holdings in shares of Cytokinetics by 0.6% during the third quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the biopharmaceutical company’s stock valued at $1,721,000 after purchasing an additional 200 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Cytokinetics by 65.6% during the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 238 shares during the last quarter. First Bank & Trust increased its holdings in shares of Cytokinetics by 4.7% during the 2nd quarter. First Bank & Trust now owns 6,757 shares of the biopharmaceutical company’s stock valued at $366,000 after acquiring an additional 303 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in Cytokinetics by 2.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 15,062 shares of the biopharmaceutical company’s stock valued at $795,000 after buying an additional 430 shares during the last quarter. Finally, J.Safra Asset Management Corp lifted its position in shares of Cytokinetics by 642.3% in the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after acquiring an additional 456 shares during the period.

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.