Cytokinetics’ (CYTK) Outperform Rating Reaffirmed at Royal Bank Of Canada

Cytokinetics (NASDAQ:CYTK)‘s stock had its “outperform” rating reiterated by Royal Bank Of Canada in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $95.00 price target on the biopharmaceutical company’s stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 47.68% from the company’s previous close.

A number of other equities analysts have also issued reports on CYTK. Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 price target on shares of Cytokinetics in a research note on Friday, January 9th. UBS Group reaffirmed a “neutral” rating and set a $61.00 target price on shares of Cytokinetics in a research note on Monday, December 1st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Tuesday, October 21st. Barclays upped their price target on shares of Cytokinetics from $82.00 to $87.00 and gave the company an “overweight” rating in a report on Monday, December 22nd. Finally, The Goldman Sachs Group set a $95.00 price objective on shares of Cytokinetics and gave the company a “buy” rating in a research report on Thursday, December 18th. Sixteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.05.

Cytokinetics Trading Up 0.9%

CYTK traded up $0.55 on Wednesday, reaching $64.33. The company had a trading volume of 231,455 shares, compared to its average volume of 1,778,231. The company has a market capitalization of $7.86 billion, a P/E ratio of -10.26 and a beta of 0.55. The company has a fifty day moving average of $64.06 and a 200-day moving average of $53.31. Cytokinetics has a one year low of $29.31 and a one year high of $70.98.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) EPS for the quarter, topping analysts’ consensus estimates of ($1.59) by $0.05. The company had revenue of $1.94 million for the quarter, compared to the consensus estimate of $6.05 million. The firm’s quarterly revenue was up 318.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.36) earnings per share. Research analysts predict that Cytokinetics will post -5.24 EPS for the current year.

Insider Activity

In other Cytokinetics news, Director John T. Henderson sold 8,750 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $63.90, for a total transaction of $559,125.00. Following the completion of the sale, the director directly owned 74,578 shares of the company’s stock, valued at approximately $4,765,534.20. This represents a 10.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Arthur Harrington sold 2,150 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $66.80, for a total transaction of $143,620.00. Following the completion of the transaction, the director owned 18,542 shares of the company’s stock, valued at approximately $1,238,605.60. The trade was a 10.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 159,544 shares of company stock worth $10,347,509. 3.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in shares of Cytokinetics in the third quarter valued at $30,000. Advisory Services Network LLC acquired a new position in Cytokinetics during the third quarter valued at $32,000. Johnson Financial Group Inc. purchased a new stake in Cytokinetics in the 3rd quarter worth about $40,000. EverSource Wealth Advisors LLC lifted its stake in Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Cytokinetics during the 3rd quarter worth about $45,000.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.