Royal Bank of Canada Initiates Coverage on Cytokinetics (NASDAQ:CYTK)

Equities researchers at Royal Bank of Canada started coverage on shares of Cytokinetics (NASDAQ:CYTK) in a research note issued on Friday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $80.00 price target on the biopharmaceutical company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 37.98% from the stock’s previous close.

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

Cytokinetics Trading Up 3.8 %

CYTK stock opened at $57.98 on Friday. The business has a fifty day moving average of $54.10 and a 200-day moving average of $55.57. 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 company has a market cap of $6.82 billion, a P/E ratio of -10.78 and a beta of 0.78. Cytokinetics has a twelve month low of $30.68 and a twelve month high of $110.25.

Cytokinetics (NASDAQ:CYTK) last released its 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 business had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. The business’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same period in the previous year, the company earned ($1.35) earnings per share. As a group, equities research analysts expect that Cytokinetics will post -5.2 EPS for the current year.

Insider Activity 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 transaction of $634,455.00. Following the completion of the transaction, the chief executive officer now owns 399,412 shares of the company’s stock, 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 SEC, which is available through this link. In other news, CEO Robert I. Blum sold 11,500 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $55.17, for a total value of $634,455.00. Following the sale, the chief executive officer now owns 399,412 shares of the company’s stock, valued at $22,035,560.04. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $51.63, for a total transaction of $258,150.00. Following the completion of the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at approximately $20,520,653.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 70,236 shares of company stock valued at $3,800,944. 3.40% of the stock is owned by insiders.

Institutional Trading of Cytokinetics

Several institutional investors and hedge funds have recently bought and sold shares of CYTK. Darwin Global Management Ltd. bought a new position in Cytokinetics in the second quarter valued at approximately $246,074,000. Integral Health Asset Management LLC grew its stake in shares of Cytokinetics by 122.2% in the second quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock valued at $54,180,000 after buying an additional 550,000 shares in the last quarter. Hood River Capital Management LLC increased its holdings in Cytokinetics by 5.9% during the second quarter. Hood River Capital Management LLC now owns 737,637 shares of the biopharmaceutical company’s stock worth $39,965,000 after buying an additional 40,990 shares during the last quarter. Westfield Capital Management Co. LP acquired a new position in Cytokinetics during the first quarter worth $51,277,000. Finally, Great Point Partners LLC raised its position in Cytokinetics by 134.5% during the second quarter. Great Point Partners LLC now owns 474,202 shares of the biopharmaceutical company’s stock worth $25,692,000 after acquiring an additional 272,000 shares in the last quarter.

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.