Royal Bank Of Canada Reiterates “Outperform” Rating for Cytokinetics (NASDAQ:CYTK)

Cytokinetics (NASDAQ:CYTK)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank Of Canada in a 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 target price points to a potential upside of 47.68% from the stock’s current price.

Several other research analysts have also weighed in on the stock. UBS Group reissued a “neutral” rating and set a $61.00 price objective on shares of Cytokinetics in a report on Monday, December 1st. Wall Street Zen cut shares of Cytokinetics from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. B. Riley reissued a “buy” rating on shares of Cytokinetics in a report on Wednesday. The Goldman Sachs Group set a $95.00 price objective on Cytokinetics and gave the company a “buy” rating in a research note on Thursday, December 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research report on Wednesday, October 8th. Sixteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and a consensus price target of $86.05.

Cytokinetics Trading Up 0.9%

CYTK stock traded up $0.55 during midday trading on Wednesday, hitting $64.33. 231,455 shares of the company’s stock were exchanged, compared to its average volume of 1,778,231. The firm has a 50 day moving average price of $64.06 and a 200-day moving average price of $53.31. Cytokinetics has a 12-month low of $29.31 and a 12-month high of $70.98. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of -10.26 and a beta of 0.55.

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

Insiders Place Their Bets

In related news, Director John T. Henderson sold 8,750 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $63.90, for a total transaction of $559,125.00. Following the completion of the transaction, the director owned 74,578 shares in the company, valued at $4,765,534.20. The trade was a 10.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Andrew Callos sold 15,000 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $60.28, for a total value of $904,200.00. Following the completion of the sale, the executive vice president directly owned 50,440 shares in the company, valued at $3,040,523.20. This represents a 22.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 159,544 shares of company stock worth $10,347,509. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Cytokinetics

Hedge funds have recently bought and sold shares of the company. UMB Bank n.a. grew its position in Cytokinetics by 10.6% in the 3rd quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock worth $97,000 after purchasing an additional 169 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in shares of Cytokinetics by 8.1% during the third quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company’s stock worth $191,000 after buying an additional 261 shares during the period. Fifth Third Bancorp boosted its position in shares of Cytokinetics by 32.3% during the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after buying an additional 262 shares during the period. Teacher Retirement System of Texas grew its holdings in Cytokinetics by 1.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company’s stock worth $1,008,000 after buying an additional 341 shares in the last quarter. Finally, New York State Teachers Retirement System increased its position in Cytokinetics by 0.4% in the 2nd quarter. New York State Teachers Retirement System now owns 114,500 shares of the biopharmaceutical company’s stock valued at $3,783,000 after acquiring an additional 400 shares during the period.

Cytokinetics Company Profile

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.