Royal Bank Of Canada Issues Positive Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Cytokinetics (NASDAQ:CYTK) had its price objective increased by equities researchers at Royal Bank Of Canada from $112.00 to $113.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s target price suggests a potential upside of 87.42% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Needham & Company LLC upped their target price on shares of Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Citigroup reiterated a “market outperform” rating on shares of Cytokinetics in a research report on Friday, August 7th. Citizens Jmp lifted their price target on shares of Cytokinetics from $105.00 to $110.00 and gave the company a “market outperform” rating in a report on Friday, August 7th. HC Wainwright restated a “buy” rating and issued a $140.00 price target on shares of Cytokinetics in a research report on Monday, August 31st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cytokinetics from $97.00 to $103.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Eighteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $106.06.

Cytokinetics Trading Down 1.4%

CYTK stock traded down $0.83 during trading on Thursday, hitting $60.29. The company had a trading volume of 197,811 shares, compared to its average volume of 2,138,459. The company has a fifty day moving average price of $72.40 and a two-hundred day moving average price of $73.24. The company has a market cap of $7.50 billion, a P/E ratio of -8.37 and a beta of 0.41. Cytokinetics has a fifty-two week low of $54.30 and a fifty-two week high of $88.31.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.63) by $0.13. The company had revenue of $28.62 million during the quarter, compared to the consensus estimate of $17.59 million. During the same quarter last year, the company earned ($1.12) earnings per share. The business’s revenue was down 57.1% on a year-over-year basis. On average, analysts expect that Cytokinetics will post -5.98 earnings per share for the current year.

Insider Activity

In related news, EVP Andrew Callos sold 14,000 shares of the firm’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $79.88, for a total value of $1,118,320.00. Following the transaction, the executive vice president owned 58,555 shares in the company, valued at $4,677,373.40. This trade represents a 19.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 97,926 shares of Cytokinetics stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $69.33, for a total value of $6,789,209.58. Following the completion of the sale, the chief executive officer owned 385,320 shares of the company’s stock, valued at approximately $26,714,235.60. The trade was a 20.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 191,426 shares of company stock valued at $13,745,435 over the last 90 days. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC grew its stake in Cytokinetics by 12.0% in the second quarter. GAMMA Investing LLC now owns 2,487 shares of the biopharmaceutical company’s stock valued at $212,000 after acquiring an additional 266 shares during the period. Strs Ohio raised its position in shares of Cytokinetics by 2.4% during the first quarter. Strs Ohio now owns 12,600 shares of the biopharmaceutical company’s stock worth $830,000 after purchasing an additional 300 shares during the period. AlphaCentric Advisors LLC lifted its holdings in shares of Cytokinetics by 5.7% in the 1st quarter. AlphaCentric Advisors LLC now owns 5,616 shares of the biopharmaceutical company’s stock worth $370,000 after purchasing an additional 305 shares in the last quarter. Abel Hall LLC grew its position in Cytokinetics by 10.5% in the 1st quarter. Abel Hall LLC now owns 4,050 shares of the biopharmaceutical company’s stock valued at $267,000 after purchasing an additional 384 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in Cytokinetics in the 2nd quarter valued at $36,000.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.

Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.