Royal Bank of Canada Boosts Cytokinetics (NASDAQ:CYTK) Price Target to $82.00

Cytokinetics (NASDAQ:CYTK) had its price target hoisted by Royal Bank of Canada from $80.00 to $82.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.

A number of other research firms have also recently commented on CYTK. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a report on Monday, December 2nd. JMP Securities reissued a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a report on Wednesday, September 4th. JPMorgan Chase & Co. upped their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Mizuho raised their target price on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.07.

Cytokinetics Price Performance

CYTK stock traded down $0.07 during midday trading on Wednesday, reaching $46.29. The company had a trading volume of 241,971 shares, compared to its average volume of 1,976,718. The company has a market capitalization of $5.46 billion, a price-to-earnings ratio of -8.60 and a beta of 0.80. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. Cytokinetics has a 1-year low of $35.66 and a 1-year high of $110.25. The stock has a 50 day moving average price of $52.22 and a 200-day moving average price of $54.03.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million for the quarter, compared to the consensus estimate of $1.21 million. The company’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.35) earnings per share. Equities research analysts expect that Cytokinetics will post -5.25 earnings per share for the current year.

Insider Activity at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $52.10, for a total value of $380,330.00. Following the transaction, the executive vice president now directly owns 118,920 shares in the company, valued at approximately $6,195,732. This represents a 5.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Wendall Wierenga sold 4,452 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $52.25, for a total transaction of $232,617.00. Following the sale, the director now owns 24,559 shares in the company, valued at approximately $1,283,207.75. This trade represents a 15.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 74,816 shares of company stock worth $3,923,463. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Exome Asset Management LLC purchased a new position in shares of Cytokinetics in the third quarter valued at about $3,093,000. Retirement Systems of Alabama raised its position in Cytokinetics by 1.0% during the 3rd quarter. Retirement Systems of Alabama now owns 142,930 shares of the biopharmaceutical company’s stock valued at $7,547,000 after purchasing an additional 1,414 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in Cytokinetics by 12.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 56,885 shares of the biopharmaceutical company’s stock worth $3,003,000 after buying an additional 6,300 shares during the period. Geode Capital Management LLC increased its stake in shares of Cytokinetics by 4.0% during the third quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock valued at $150,433,000 after buying an additional 109,938 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of Cytokinetics during the third quarter valued at approximately $521,000.

Cytokinetics Company Profile

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.