Cytokinetics (NASDAQ:CYTK) Given New $101.00 Price Target at Royal Bank Of Canada

Cytokinetics (NASDAQ:CYTK) had its target price increased by analysts at Royal Bank Of Canada from $95.00 to $101.00 in a report issued on Friday, Marketbeat Ratings reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 47.00% from the stock’s previous close.

Several other equities analysts also recently commented on the stock. Wall Street Zen downgraded shares of Cytokinetics from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. B. Riley Financial lifted their price objective on shares of Cytokinetics from $90.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Needham & Company LLC raised their price target on Cytokinetics from $72.00 to $84.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Citizens Jmp lifted their price objective on Cytokinetics from $78.00 to $88.00 and gave the company a “market outperform” rating in a report on Monday, December 22nd. Finally, Truist Financial boosted their price objective on shares of Cytokinetics from $84.00 to $92.00 and gave the stock a “buy” rating in a research report on Tuesday, February 3rd. Sixteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $88.28.

Cytokinetics Stock Performance

Shares of CYTK traded up $0.88 during midday trading on Friday, hitting $68.71. 119,862 shares of the stock were exchanged, compared to its average volume of 1,687,143. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $70.98. The stock has a fifty day simple moving average of $63.77 and a 200 day simple moving average of $57.31. The firm has a market cap of $8.40 billion, a P/E ratio of -10.98 and a beta of 0.54.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,200 shares of Cytokinetics stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $61.24, for a total transaction of $134,728.00. Following the transaction, the executive vice president directly owned 138,552 shares of the company’s stock, valued at $8,484,924.48. The trade was a 1.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Andrew Callos sold 15,000 shares of the stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $61.93, for a total transaction of $928,950.00. Following the completion of the sale, the executive vice president directly owned 50,440 shares of the company’s stock, valued at $3,123,749.20. The trade was a 22.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 151,385 shares of company stock valued at $9,817,158. 2.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after buying an additional 191,336 shares during the period. State Street Corp raised its position in shares of Cytokinetics by 3.7% during the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock worth $370,139,000 after purchasing an additional 207,961 shares during the period. Deep Track Capital LP increased its holdings in shares of Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after acquiring an additional 650,000 shares during the period. Geode Capital Management LLC grew its holdings in Cytokinetics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock worth $194,214,000 after buying an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP boosted its stake in Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after purchasing an additional 384,469 shares in the last quarter.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.