Cytokinetics (NASDAQ:CYTK) Price Target Raised to $82.00 at Royal Bank of Canada

Cytokinetics (NASDAQ:CYTK) had its price target lifted by Royal Bank of Canada from $80.00 to $82.00 in a report published on Wednesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the biopharmaceutical company’s stock.

Other research analysts have also issued reports about the company. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research note on Monday, December 2nd. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a report on Wednesday, September 4th. Mizuho boosted their price objective on Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. raised their price objective 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $84.07.

Cytokinetics Stock Performance

Cytokinetics stock traded down $0.07 during mid-day trading on Wednesday, reaching $46.29. The company had a trading volume of 241,971 shares, compared to its average volume of 1,976,718. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The company has a 50 day moving average of $52.22 and a 200-day moving average of $54.03. Cytokinetics has a 52 week low of $35.66 and a 52 week high of $110.25. The firm has a market cap of $5.46 billion, a price-to-earnings ratio of -8.60 and a beta of 0.80.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing the consensus estimate 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 business posted ($1.35) earnings per share. The firm’s quarterly revenue was up 22.5% on a year-over-year basis. On average, sell-side analysts expect that Cytokinetics will post -5.25 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John T. Henderson sold 1,780 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $50.42, for a total transaction of $89,747.60. Following the completion of the transaction, the director now directly owns 38,461 shares in the company, valued at approximately $1,939,203.62. This trade represents a 4.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Wendall Wierenga sold 742 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $48.61, for a total value of $36,068.62. Following the completion of the sale, the director now owns 24,559 shares in the company, valued at $1,193,812.99. The trade was a 2.93 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 74,816 shares of company stock valued at $3,923,463. 3.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds have recently made changes to their positions in the business. UMB Bank n.a. boosted its holdings in Cytokinetics by 65.6% during the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 238 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Cytokinetics by 225.9% during the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after acquiring an additional 680 shares during the period. Values First Advisors Inc. bought a new position in Cytokinetics during the third quarter worth $54,000. Quarry LP boosted its holdings in shares of Cytokinetics by 233.3% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock worth $108,000 after buying an additional 1,400 shares during the period. Finally, nVerses Capital LLC bought a new position in shares of Cytokinetics during the second quarter worth approximately $190,000.

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.