Royal Bank of Canada Cuts Cytokinetics (NASDAQ:CYTK) Price Target to $80.00

Cytokinetics (NASDAQ:CYTK) had its price objective reduced by Royal Bank of Canada from $82.00 to $80.00 in a research note released on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the biopharmaceutical company’s stock.

A number of other research firms also recently commented on CYTK. Bank of America decreased their target price on Cytokinetics from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Needham & Company LLC restated a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Friday, May 2nd. Stifel Nicolaus started coverage on shares of Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price objective on the stock. Barclays assumed coverage on shares of Cytokinetics in a research report on Thursday, April 24th. They set an “overweight” rating and a $55.00 target price for the company. Finally, Morgan Stanley set a $67.00 price objective on Cytokinetics in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $74.44.

Cytokinetics Stock Down 2.4 %

NASDAQ:CYTK opened at $31.69 on Wednesday. The company’s 50-day simple moving average is $40.18 and its 200-day simple moving average is $46.01. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. Cytokinetics has a fifty-two week low of $31.67 and a fifty-two week high of $64.61. The stock has a market capitalization of $3.78 billion, a P/E ratio of -5.89 and a beta of 0.81.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, beating analysts’ consensus estimates of ($1.41) by $0.05. The business had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $2.77 million. During the same quarter last year, the business posted ($1.33) earnings per share. The company’s quarterly revenue was up 89.1% compared to the same quarter last year. On average, equities analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Andrew Callos sold 4,002 shares of the business’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $36.68, for a total transaction of $146,793.36. Following the completion of the sale, the executive vice president now owns 60,687 shares in the company, valued at approximately $2,225,999.16. The trade was a 6.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $45.98, for a total transaction of $91,960.00. Following the completion of the sale, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at $5,336,944.58. The trade was a 1.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,362 shares of company stock valued at $3,899,118 over the last quarter. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in Cytokinetics by 42.2% during the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock valued at $39,000 after purchasing an additional 291 shares during the period. State of Michigan Retirement System grew its holdings 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 buying an additional 300 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in Cytokinetics by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company’s stock valued at $1,330,000 after acquiring an additional 300 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Cytokinetics by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 13,820 shares of the biopharmaceutical company’s stock worth $555,000 after acquiring an additional 365 shares during the period. Finally, Jones Financial Companies Lllp grew its stake in shares of Cytokinetics by 189.8% in the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 374 shares in 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.