Royal Bank Of Canada Forecasts Strong Price Appreciation for Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics (NASDAQ:CYTK) had its price objective boosted by equities researchers at Royal Bank Of Canada from $95.00 to $101.00 in a research note issued on Friday, MarketBeat reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s target price points to a potential upside of 48.66% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. HC Wainwright upped their price target on shares of Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a report on Monday, December 22nd. Barclays began coverage on shares of Cytokinetics in a report on Wednesday, January 28th. They issued an “overweight” rating and a $87.00 target price on the stock. Wall Street Zen cut shares of Cytokinetics from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a report on Monday, December 22nd. Finally, Truist Financial increased their price objective on Cytokinetics from $84.00 to $92.00 and gave the company a “buy” rating in a research report on Tuesday, February 3rd. Sixteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.28.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $67.94 on Friday. Cytokinetics has a 1 year low of $29.31 and a 1 year high of $70.98. The firm has a market cap of $8.31 billion, a P/E ratio of -10.80 and a beta of 0.54. The stock has a fifty day moving average price of $63.86 and a two-hundred day moving average price of $57.68.

Insider Activity

In related news, EVP Andrew Callos sold 15,000 shares of the stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $61.93, for a total value 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 approximately $3,123,749.20. This represents a 22.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,200 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $61.24, for a total value of $134,728.00. Following the sale, the executive vice president 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 disclosure for this sale is available in the SEC filing. Insiders sold 151,385 shares of company stock worth $9,817,158 over the last quarter. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CYTK. EverSource Wealth Advisors LLC increased its stake in Cytokinetics by 723.7% in the 2nd 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 during the period. Kemnay Advisory Services Inc. acquired a new position in shares of Cytokinetics in the fourth quarter worth $27,000. Kestra Advisory Services LLC acquired a new position in shares of Cytokinetics in the fourth quarter worth $29,000. Quarry LP purchased a new stake in shares of Cytokinetics during the third quarter worth $30,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in Cytokinetics during the fourth quarter valued at $32,000.

Cytokinetics Company Profile

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.