Cytokinetics (NASDAQ:CYTK) Coverage Initiated by Analysts at Royal Bank of Canada

Royal Bank of Canada initiated coverage on shares of Cytokinetics (NASDAQ:CYTK) in a research note published on Friday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $80.00 target price on the biopharmaceutical company’s stock.

Several other brokerages also recently commented on CYTK. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. JMP Securities restated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a report on Wednesday, September 4th. Needham & Company LLC restated a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a report on Thursday, October 17th. JPMorgan Chase & Co. upped their target price on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Finally, The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and reduced their price target for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.67.

Cytokinetics Trading Up 3.8 %

Shares of NASDAQ:CYTK opened at $57.98 on Friday. The firm has a fifty day moving average of $54.10 and a two-hundred day moving average of $55.49. The firm has a market capitalization of $6.82 billion, a P/E ratio of -10.78 and a beta of 0.78. Cytokinetics has a 12-month low of $30.68 and a 12-month high of $110.25. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The company had revenue of $0.46 million for the quarter, compared to analyst estimates of $1.21 million. The company’s revenue was up 22.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.35) earnings per share. On average, equities analysts expect that Cytokinetics will post -5.2 EPS for the current fiscal year.

Insider Activity at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 7,384 shares of Cytokinetics stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total value of $420,961.84. Following the transaction, the executive vice president now directly owns 122,920 shares of the company’s stock, valued at $7,007,669.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Fady Ibraham Malik sold 7,384 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 122,920 shares in the company, valued at approximately $7,007,669.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Wendall Wierenga sold 4,452 shares of Cytokinetics stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $52.25, for a total value of $232,617.00. Following the completion of the transaction, the director now directly owns 24,559 shares of the company’s stock, valued at approximately $1,283,207.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 53,736 shares of company stock valued at $2,890,489 over the last three months. 3.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Louisiana State Employees Retirement System increased its stake in Cytokinetics by 0.6% in the third quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the biopharmaceutical company’s stock worth $1,721,000 after purchasing an additional 200 shares during the period. UMB Bank n.a. raised its position in Cytokinetics by 65.6% during the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 238 shares in the last quarter. First Bank & Trust increased its position in shares of Cytokinetics by 4.7% in the second quarter. First Bank & Trust now owns 6,757 shares of the biopharmaceutical company’s stock valued at $366,000 after buying an additional 303 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Cytokinetics by 2.9% in the third quarter. Nisa Investment Advisors LLC now owns 15,062 shares of the biopharmaceutical company’s stock valued at $795,000 after buying an additional 430 shares in the last quarter. Finally, J.Safra Asset Management Corp boosted its stake in shares of Cytokinetics by 642.3% in the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after acquiring an additional 456 shares during the last quarter.

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.