Cytokinetics (NASDAQ:CYTK) Now Covered by Royal Bank of Canada

Royal Bank of Canada began coverage on shares of Cytokinetics (NASDAQ:CYTK) in a report issued on Friday, Marketbeat reports. The brokerage issued an outperform rating and a $80.00 price target on the biopharmaceutical company’s stock.

A number of other equities research analysts have also recently weighed in on CYTK. JPMorgan Chase & Co. lifted their price target on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $85.00 to $60.00 in a report on Tuesday, August 13th. HC Wainwright restated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research note on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a research note on Thursday, October 17th. Finally, JMP Securities reissued a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.67.

Cytokinetics Price Performance

Cytokinetics stock opened at $58.62 on Friday. Cytokinetics has a 1 year low of $30.68 and a 1 year high of $110.25. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 9.28. The company’s fifty day moving average price is $54.13 and its 200 day moving average price is $55.45. The stock has a market capitalization of $6.90 billion, a P/E ratio of -10.90 and a beta of 0.78.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results 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 firm had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. During the same quarter in the prior year, the company posted ($1.35) earnings per share. The company’s quarterly revenue was up 22.5% on a year-over-year basis. As a group, equities research analysts anticipate that Cytokinetics will post -5.29 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total transaction of $285,150.00. Following the sale, the chief executive officer now owns 397,456 shares in the company, valued at approximately $22,666,915.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $57.03, for a total transaction of $285,150.00. Following the sale, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at $22,666,915.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 7,384 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total transaction of $420,961.84. Following the completion of the transaction, the executive vice president now directly owns 122,920 shares of the company’s stock, valued at approximately $7,007,669.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 53,736 shares of company stock valued at $2,890,489 in the last ninety days. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Large investors have recently added to or reduced their stakes in the business. Darwin Global Management Ltd. acquired a new position in shares of Cytokinetics during the 2nd quarter valued at about $246,074,000. Integral Health Asset Management LLC grew its stake in shares of Cytokinetics by 122.2% during the 2nd 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 during the period. Hood River Capital Management LLC increased its holdings in shares of Cytokinetics by 5.9% during the 2nd 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 purchased a new position in shares of Cytokinetics in the 1st quarter worth $51,277,000. Finally, Great Point Partners LLC boosted its holdings in Cytokinetics by 134.5% in the second quarter. Great Point Partners LLC now owns 474,202 shares of the biopharmaceutical company’s stock valued at $25,692,000 after acquiring an additional 272,000 shares during the last quarter.

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.