Cytokinetics (NASDAQ:CYTK) Price Target Raised to $82.00

Cytokinetics (NASDAQ:CYTK) had its target price increased by stock analysts at Royal Bank of Canada from $80.00 to $82.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 75.44% from the stock’s previous close.

CYTK has been the topic of a number of other research reports. Needham & Company LLC restated a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a report on Monday, December 2nd. JMP Securities reissued a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research note on Wednesday, September 4th. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Mizuho lifted their price target on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy 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 $84.07.

Cytokinetics Stock Up 0.8 %

Shares of Cytokinetics stock opened at $46.74 on Wednesday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. Cytokinetics has a 52-week low of $35.66 and a 52-week high of $110.25. The company’s 50 day moving average price is $52.09 and its 200-day moving average price is $53.98. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of -8.69 and a beta of 0.80.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly 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 for the quarter, compared to analyst estimates of $1.21 million. During the same quarter in the previous year, the business posted ($1.35) earnings per share. The firm’s revenue was up 22.5% on a year-over-year basis. Equities research analysts forecast that Cytokinetics will post -5.25 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In related news, Director Wendall Wierenga sold 742 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $48.61, for a total value of $36,068.62. Following the sale, the director now owns 24,559 shares in the company, valued at $1,193,812.99. This represents a 2.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $52.10, for a total value of $380,330.00. Following the transaction, the executive vice president now directly owns 118,920 shares of the company’s stock, valued at approximately $6,195,732. This trade represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 74,816 shares of company stock valued at $3,923,463. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently bought and sold shares of CYTK. Van ECK Associates Corp raised its holdings in Cytokinetics by 21.3% in the third quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock worth $3,802,000 after buying an additional 12,565 shares during the last quarter. Westfield Capital Management Co. LP increased its position in shares of Cytokinetics by 38.9% during the third quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock valued at $64,040,000 after acquiring an additional 339,373 shares in the last quarter. Ghisallo Capital Management LLC bought a new stake in shares of Cytokinetics during the second quarter valued at approximately $10,619,000. Darwin Global Management Ltd. purchased a new position in Cytokinetics in the 2nd quarter worth approximately $246,074,000. Finally, WINTON GROUP Ltd bought a new position in Cytokinetics in the 2nd quarter valued at approximately $983,000.

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.