Cytokinetics (NASDAQ:CYTK) Given New $82.00 Price Target at Royal Bank of Canada

Cytokinetics (NASDAQ:CYTK) had its price target lifted by research analysts at Royal Bank of Canada from $80.00 to $82.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 66.87% from the company’s current price.

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

Cytokinetics Stock Performance

Shares of CYTK stock traded up $1.36 during trading on Wednesday, reaching $49.14. 183,503 shares of the company’s stock traded hands, compared to its average volume of 1,978,034. Cytokinetics has a 1 year low of $32.70 and a 1 year high of $110.25. The company has a market capitalization of $5.80 billion, a P/E ratio of -9.13 and a beta of 0.80. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. The firm’s 50-day moving average is $52.38 and its 200 day moving average is $54.08.

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

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was 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 of the company’s stock, valued at approximately $6,195,732. This trade represents a 5.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Wendall Wierenga sold 742 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $48.61, for a total value of $36,068.62. Following the sale, the director now directly owns 24,559 shares of the company’s stock, valued at $1,193,812.99. This represents a 2.93 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,816 shares of company stock valued at $3,923,463. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CYTK. Van ECK Associates Corp boosted its position in shares of Cytokinetics by 21.3% in the third quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock worth $3,802,000 after purchasing an additional 12,565 shares during the period. Westfield Capital Management Co. LP grew its position in shares of Cytokinetics by 38.9% during the third quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock valued at $64,040,000 after purchasing an additional 339,373 shares in the last quarter. Ghisallo Capital Management LLC purchased a new position in shares of Cytokinetics during the second quarter valued at about $10,619,000. Darwin Global Management Ltd. bought a new stake in shares of Cytokinetics in the second quarter worth about $246,074,000. Finally, WINTON GROUP Ltd bought a new position in Cytokinetics during the second quarter valued at approximately $983,000.

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.