Royal Bank of Canada Issues Pessimistic Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Cytokinetics (NASDAQ:CYTK) had its target price lowered by Royal Bank of Canada from $82.00 to $80.00 in a report issued on Wednesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the biopharmaceutical company’s stock.

CYTK has been the subject of several other reports. Citigroup reduced their price objective on Cytokinetics from $86.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday. UBS Group cut their price objective on Cytokinetics from $47.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. Barclays assumed coverage on shares of Cytokinetics in a research report on Thursday, April 24th. They issued an “overweight” rating and a $55.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research report on Monday, April 21st. Finally, JMP Securities reiterated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Thursday, April 10th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $74.44.

Cytokinetics Trading Down 2.4 %

Shares of CYTK stock opened at $31.69 on Wednesday. The stock has a 50-day simple moving average of $40.18 and a 200 day simple moving average of $46.01. The stock has a market capitalization of $3.78 billion, a P/E ratio of -5.89 and a beta of 0.81. Cytokinetics has a fifty-two week low of $31.67 and a fifty-two week high of $64.61. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) 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 analyst estimates of $2.77 million. The business’s revenue for the quarter was up 89.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.33) EPS. On average, sell-side analysts expect that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In related news, EVP Andrew Callos sold 3,341 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were 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 owns 64,434 shares in the company, valued at $2,788,059.18. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $45.98, for a total value of $91,960.00. Following the completion of the transaction, the executive vice president now owns 116,071 shares in the company, valued at approximately $5,336,944.58. This represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,362 shares of company stock valued at $3,899,118 in the last ninety days. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp raised its holdings in Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 291 shares during the period. State of Michigan Retirement System raised its stake in Cytokinetics by 1.1% during the 1st quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company’s stock worth $1,133,000 after buying an additional 300 shares during the period. Louisiana State Employees Retirement System lifted its holdings in Cytokinetics by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company’s stock worth $1,330,000 after acquiring an additional 300 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Cytokinetics by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 13,820 shares of the biopharmaceutical company’s stock worth $555,000 after acquiring an additional 365 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of Cytokinetics by 189.8% during the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 374 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.