Cytokinetics (NASDAQ:CYTK) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Key Points

• Royal Bank of Canada raised Cytokinetics’ price target from $112 to $113 and maintained an “outperform” rating, implying roughly 87% upside from the reported $60.29 share price.
• Analyst sentiment remains broadly positive: 18 analysts rate the stock a Buy, one rates it Hold, and one rates it Sell, producing a consensus “Moderate Buy” rating and average target of $106.06.
• Cytokinetics exceeded quarterly expectations, reporting an adjusted loss of $1.50 per share versus the expected $1.63 loss and revenue of $28.62 million versus $17.59 million estimates, though revenue declined 57.1% year over year.

Cytokinetics (NASDAQ:CYTK - Get Free Report) had its price objective upped by stock analysts at Royal Bank Of Canada from $112.00 to $113.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an "outperform" rating on the biopharmaceutical company's stock. Royal Bank Of Canada's price objective indicates a potential upside of 87.42% from the stock's current price.

Other equities research analysts have also recently issued reports about the stock. Cantor Fitzgerald restated an "overweight" rating on shares of Cytokinetics in a report on Friday, September 11th. Truist Financial lifted their price objective on Cytokinetics from $106.00 to $112.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Wall Street Zen downgraded Cytokinetics from a "hold" rating to a "sell" rating in a research note on Sunday. Citizens Jmp increased their target price on Cytokinetics from $105.00 to $110.00 and gave the company a "market outperform" rating in a research note on Friday, August 7th. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Cytokinetics in a report on Friday, August 7th. Eighteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cytokinetics currently has an average rating of "Moderate Buy" and an average target price of $106.06.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded down $0.83 during mid-day trading on Thursday, reaching $60.29. 197,811 shares of the company traded hands, compared to its average volume of 2,138,459. The company's fifty day moving average is $72.40 and its two-hundred day moving average is $73.24. Cytokinetics has a fifty-two week low of $54.30 and a fifty-two week high of $88.31. The stock has a market cap of $7.50 billion, a PE ratio of -8.37 and a beta of 0.41.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million during the quarter, compared to analyst estimates of $17.59 million. During the same quarter last year, the firm posted ($1.12) earnings per share. The firm's revenue for the quarter was down 57.1% compared to the same quarter last year. Research analysts forecast that Cytokinetics will post -5.98 earnings per share for the current year.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 14,000 shares of the firm's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $79.88, for a total value of $1,118,320.00. Following the completion of the sale, the executive vice president owned 58,555 shares in the company, valued at approximately $4,677,373.40. This trade represents a 19.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert Blum sold 97,926 shares of Cytokinetics stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $69.33, for a total value of $6,789,209.58. Following the sale, the chief executive officer directly owned 385,320 shares in the company, valued at $26,714,235.60. The trade was a 20.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 191,426 shares of company stock worth $13,745,435 over the last three months. Company insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CYTK. Principal Financial Group Inc. raised its stake in shares of Cytokinetics by 11.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company's stock valued at $72,072,000 after buying an additional 116,593 shares in the last quarter. Frazier Life Sciences Management L.P. increased its stake in Cytokinetics by 5.0% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 934,642 shares of the biopharmaceutical company's stock valued at $59,387,000 after acquiring an additional 44,197 shares during the period. ADAR1 Capital Management LLC raised its position in Cytokinetics by 17.1% in the first quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company's stock worth $41,692,000 after purchasing an additional 92,390 shares in the last quarter. Siren L.L.C. acquired a new position in Cytokinetics in the first quarter worth about $40,466,000. Finally, Eventide Asset Management LLC lifted its stake in Cytokinetics by 181.9% during the fourth quarter. Eventide Asset Management LLC now owns 479,611 shares of the biopharmaceutical company's stock worth $30,473,000 after purchasing an additional 309,503 shares during the period.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.

Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.

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