Cytokinetics (NASDAQ:CYTK) Now Covered by Royal Bank of Canada

Royal Bank of Canada assumed coverage on shares of Cytokinetics (NASDAQ:CYTK) in a report released 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 analysts have also issued reports on CYTK. Needham & Company LLC reiterated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a report on Thursday, October 17th. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. JMP Securities reissued a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research report on Wednesday, September 4th. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a research report on Thursday. Finally, JPMorgan Chase & Co. upped their target price on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and a consensus price target of $83.67.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded up $2.14 during midday trading on Friday, hitting $57.98. The stock had a trading volume of 1,719,834 shares, compared to its average volume of 988,072. 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 has a fifty-two week low of $30.68 and a fifty-two week high of $110.25. The company’s 50-day simple moving average is $54.10 and its 200 day simple moving average is $55.64.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The business had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $1.21 million. During the same period last year, the firm posted ($1.35) earnings per share. The company’s revenue for the quarter was up 22.5% on a year-over-year basis. Equities analysts anticipate that Cytokinetics will post -5.2 earnings per share for the current year.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $51.63, for a total transaction of $258,150.00. Following the completion of the sale, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $20,520,653.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cytokinetics news, CEO Robert I. Blum sold 11,500 shares of Cytokinetics stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $55.17, for a total transaction of $634,455.00. Following the transaction, the chief executive officer now owns 399,412 shares of the company’s stock, valued at $22,035,560.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $51.63, for a total transaction of $258,150.00. Following the transaction, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $20,520,653.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,236 shares of company stock valued at $3,800,944 in the last three months. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Hedge funds have recently modified their holdings of the stock. Entropy Technologies LP raised its holdings in shares of Cytokinetics by 110.6% in the 1st quarter. Entropy Technologies LP now owns 19,433 shares of the biopharmaceutical company’s stock worth $1,362,000 after purchasing an additional 10,205 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in Cytokinetics during the 1st quarter valued at $4,703,000. Westfield Capital Management Co. LP bought a new stake in Cytokinetics during the 1st quarter valued at $51,277,000. Ghisallo Capital Management LLC bought a new stake in Cytokinetics during the 2nd quarter valued at $10,619,000. Finally, Castleark Management LLC bought a new stake in Cytokinetics during the 1st quarter valued at $1,471,000.

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.