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

Cytokinetics (NASDAQ:CYTK) had its price target decreased by Royal Bank of Canada from $82.00 to $80.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 146.31% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Evercore ISI raised shares of Cytokinetics to a “strong-buy” rating in a research note on Friday, February 7th. HC Wainwright restated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research report on Monday, April 21st. Stifel Nicolaus assumed coverage on Cytokinetics in a research report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 target price for the company. Needham & Company LLC reissued a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a report on Friday, May 2nd. Finally, UBS Group cut their price objective on shares of Cytokinetics from $47.00 to $41.00 and set a “neutral” rating for the company in a report on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.29.

Cytokinetics Trading Down 1.7 %

Cytokinetics stock opened at $32.48 on Wednesday. The business’s fifty day moving average is $40.42 and its 200 day moving average is $46.17. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The stock has a market capitalization of $3.87 billion, a PE ratio of -6.04 and a beta of 0.81. Cytokinetics has a one year low of $31.67 and a one year high of $68.44.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, topping the consensus estimate of ($1.41) by $0.05. The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.77 million. During the same quarter in the previous year, the business posted ($1.33) earnings per share. The firm’s revenue was up 89.1% on a year-over-year basis. On average, sell-side analysts predict that Cytokinetics will post -5.24 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, February 18th. The shares were 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 owns 116,071 shares of the company’s stock, valued at approximately $5,336,944.58. The trade was a 1.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Andrew Callos sold 3,341 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $43.27, for a total value of $144,565.07. Following the completion of the transaction, the executive vice president now directly owns 64,434 shares in the company, valued at approximately $2,788,059.18. This trade represents a 4.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,362 shares of company stock worth $3,899,118 over the last quarter. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently made changes to their positions in CYTK. Harvey Capital Management Inc. bought a new position in Cytokinetics during the 4th quarter worth about $1,040,000. abrdn plc increased its holdings in Cytokinetics by 29.4% during the fourth quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock valued at $21,192,000 after buying an additional 102,457 shares during the period. AlphaQuest LLC raised its stake in Cytokinetics by 113,500.0% in the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock worth $53,000 after buying an additional 1,135 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Cytokinetics by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock worth $560,520,000 after buying an additional 154,216 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Cytokinetics by 1.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company’s stock valued at $62,807,000 after acquiring an additional 13,798 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.