Cytokinetics (NASDAQ:CYTK) Price Target Raised to $87.00 at Royal Bank Of Canada

Cytokinetics (NASDAQ:CYTK) had its price target raised by investment analysts at Royal Bank Of Canada from $82.00 to $87.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s price objective points to a potential upside of 35.07% from the company’s current price.

Other analysts have also recently issued reports about the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a report on Tuesday, October 21st. B. Riley reissued a “buy” rating and set a $90.00 price target (up from $80.00) on shares of Cytokinetics in a research note on Monday. Evercore ISI increased their price objective on shares of Cytokinetics from $60.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, September 3rd. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a report on Monday, September 29th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research report on Tuesday, September 2nd. Thirteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and an average price target of $77.86.

Cytokinetics Trading Up 3.6%

Shares of CYTK traded up $2.21 during mid-day trading on Tuesday, hitting $64.41. 257,705 shares of the company traded hands, compared to its average volume of 1,901,259. The stock has a market capitalization of $7.88 billion, a price-to-earnings ratio of -12.66 and a beta of 0.58. The business has a 50-day moving average of $55.80 and a 200 day moving average of $42.28. Cytokinetics has a one year low of $29.31 and a one year high of $64.13.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.59) by $0.05. The firm had revenue of $1.94 million for the quarter, compared to analyst estimates of $6.05 million. The firm’s quarterly revenue was up 318.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.36) EPS. As a group, analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Activity

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $49.77, for a total transaction of $248,850.00. Following the transaction, the chief executive officer directly owned 373,108 shares in the company, valued at approximately $18,569,585.16. The trade was a 1.32% 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, Director Edward M. Md Kaye sold 6,757 shares of the stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $60.00, for a total value of $405,420.00. Following the completion of the sale, the director owned 9,778 shares of the company’s stock, valued at $586,680. This trade represents a 40.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 56,983 shares of company stock worth $3,165,356 over the last quarter. Corporate insiders own 2.70% of the company’s stock.

Institutional Trading of Cytokinetics

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC lifted its stake in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 673 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in shares of Cytokinetics by 2,872.7% during the second quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company’s stock worth $43,000 after acquiring an additional 1,264 shares during the period. Assetmark Inc. lifted its position in Cytokinetics by 11,510.0% in the 1st quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company’s stock valued at $47,000 after acquiring an additional 1,151 shares in the last quarter. UMB Bank n.a. boosted its stake in Cytokinetics by 37.8% in the 2nd quarter. UMB Bank n.a. now owns 1,593 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 437 shares during the period. Finally, Fifth Third Bancorp boosted its stake in Cytokinetics by 32.3% in the 3rd quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 262 shares during the period.

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.