Royal Bank Of Canada Forecasts Strong Price Appreciation for Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics (NASDAQ:CYTK) had its price objective lifted by equities researchers at Royal Bank Of Canada from $82.00 to $87.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 31.94% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Barclays lifted their target price on Cytokinetics from $71.00 to $82.00 and gave the company an “overweight” rating in a research report on Monday, October 6th. Citigroup raised their price target on shares of Cytokinetics from $77.00 to $84.00 and gave the stock a “buy” rating in a research note on Tuesday, September 2nd. Bank of America boosted their price objective on shares of Cytokinetics from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, October 2nd. JMP Securities restated a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a report on Tuesday, September 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a research report on Tuesday, September 2nd. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $77.86.

Cytokinetics Stock Down 0.8%

Shares of NASDAQ:CYTK opened at $65.94 on Tuesday. The firm has a market cap of $8.06 billion, a price-to-earnings ratio of -12.93 and a beta of 0.58. Cytokinetics has a 12 month low of $29.31 and a 12 month high of $66.98. The company’s fifty day simple moving average is $56.46 and its 200 day simple moving average is $42.63.

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

Insider Transactions at Cytokinetics

In other news, Director Edward M. Md Kaye sold 6,757 shares of the stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $60.00, for a total transaction of $405,420.00. Following the transaction, the director owned 9,778 shares in the company, valued at approximately $586,680. This trade represents a 40.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Wendell Wierenga sold 4,375 shares of Cytokinetics stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $58.68, for a total value of $256,725.00. Following the sale, the director directly owned 32,444 shares of the company’s stock, valued at approximately $1,903,813.92. The trade was a 11.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 62,158 shares of company stock worth $3,502,145 over the last three months. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently modified their holdings of the business. State of Michigan Retirement System raised its stake in Cytokinetics by 1.1% in the 1st quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company’s stock worth $1,133,000 after purchasing an additional 300 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Cytokinetics by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company’s stock worth $1,330,000 after purchasing an additional 300 shares during the period. Edgestream Partners L.P. acquired a new stake in shares of Cytokinetics in the first quarter valued at approximately $732,000. Jennison Associates LLC bought a new stake in shares of Cytokinetics in the first quarter valued at approximately $27,085,000. Finally, Teachers Retirement System of The State of Kentucky grew its position in Cytokinetics by 9.6% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 60,357 shares of the biopharmaceutical company’s stock worth $2,426,000 after buying an additional 5,282 shares in 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.