Cytokinetics (NASDAQ:CYTK) Earns Outperform Rating from Analysts at Royal Bank of Canada

Research analysts at Royal Bank of Canada assumed coverage on shares of Cytokinetics (NASDAQ:CYTK) in a research report issued on Friday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $80.00 price target on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 43.27% from the company’s current price.

Several other brokerages have also recently commented on CYTK. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. 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. lifted their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research note on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.67.

Cytokinetics Trading Up 0.6 %

CYTK opened at $55.84 on Friday. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93. The stock has a market capitalization of $6.57 billion, a PE ratio of -10.40 and a beta of 0.78. Cytokinetics has a 1-year low of $30.68 and a 1-year high of $110.25. The firm has a 50-day moving average price of $54.08 and a two-hundred day moving average price of $55.70.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing the consensus estimate 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 company’s quarterly revenue was up 22.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.35) EPS. As a group, equities analysts anticipate that Cytokinetics will post -5.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $51.63, for a total transaction of $258,150.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $51.63, for a total value of $258,150.00. Following the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at $20,520,653.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 7,384 shares of Cytokinetics stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total transaction of $420,961.84. Following the sale, the executive vice president now owns 122,920 shares in the company, valued at approximately $7,007,669.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 70,236 shares of company stock valued at $3,800,944. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds have recently added to or reduced their stakes in CYTK. Entropy Technologies LP lifted its position in shares of Cytokinetics by 110.6% in the 1st quarter. Entropy Technologies LP now owns 19,433 shares of the biopharmaceutical company’s stock worth $1,362,000 after purchasing an additional 10,205 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in shares of Cytokinetics in the 1st quarter worth approximately $4,703,000. Westfield Capital Management Co. LP acquired a new position in shares of Cytokinetics in the 1st quarter worth approximately $51,277,000. Ghisallo Capital Management LLC acquired a new position in shares of Cytokinetics in the 2nd quarter worth approximately $10,619,000. Finally, Castleark Management LLC acquired a new position in shares of Cytokinetics in the 1st quarter worth approximately $1,471,000.

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.