Cytokinetics (NASDAQ:CYTK) Price Target Raised to $101.00 at Royal Bank Of Canada

Cytokinetics (NASDAQ:CYTK) had its price target raised by stock analysts at Royal Bank Of Canada from $95.00 to $101.00 in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 47.00% from the company’s current price.

A number of other research analysts also recently commented on the stock. HC Wainwright increased 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. JPMorgan Chase & Co. raised their price objective on Cytokinetics from $70.00 to $74.00 and gave the company an “overweight” rating in a research note on Tuesday, January 20th. Morgan Stanley set a $90.00 target price on Cytokinetics in a research report on Thursday, January 8th. Wall Street Zen downgraded Cytokinetics from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, Leerink Partners set a $83.00 target price on shares of Cytokinetics in a research note on Monday, December 22nd. Sixteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $88.28.

Cytokinetics Trading Up 1.3%

CYTK traded up $0.88 on Friday, hitting $68.71. 119,862 shares of the company’s stock traded hands, compared to its average volume of 1,687,143. Cytokinetics has a one year low of $29.31 and a one year high of $70.98. The company’s 50 day simple moving average is $63.77 and its 200-day simple moving average is $57.31. The firm has a market cap of $8.40 billion, a price-to-earnings ratio of -10.98 and a beta of 0.54.

Insider Buying and Selling

In related news, Director Wendell Wierenga sold 20,000 shares of the business’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the completion of the transaction, the director directly owned 32,444 shares in the company, valued at $2,145,846.16. The trade was a 38.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Andrew Callos sold 15,000 shares of the company’s 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 transaction, the executive vice president directly owned 50,440 shares of the company’s stock, valued at $3,123,749.20. The trade was a 22.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 151,385 shares of company stock worth $9,817,158 in the last three months. 2.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lisanti Capital Growth LLC purchased a new stake in shares of Cytokinetics in the 3rd quarter valued at approximately $2,697,000. Sanders Morris Harris LLC acquired a new position in shares of Cytokinetics in the 3rd quarter valued at $1,182,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Cytokinetics in the 3rd quarter valued at $1,359,000. Moody Aldrich Partners LLC purchased a new position in shares of Cytokinetics during the 3rd quarter worth $4,532,000. Finally, Norges Bank acquired a new stake in shares of Cytokinetics during the 2nd quarter worth about $39,122,000.

About Cytokinetics

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.