Stock Analysis on Net

Cytokinetics Inc. (NASDAQ:CYTK)

This company has been moved to the archive! The financial data has not been updated since November 3, 2023.

Capital Asset Pricing Model (CAPM)

Microsoft Excel

Rates of Return

Cytokinetics Inc., monthly rates of return

Microsoft Excel
Cytokinetics Inc. (CYTK) Standard & Poor’s 500 (S&P 500)
t Date PriceCYTK,t1 DividendCYTK,t1 RCYTK,t2 PriceS&P 500,t RS&P 500,t3
Jan 31, 2018 $9.20 2,823.81
1. Feb 28, 2018 $7.75 -15.76% 2,713.83 -3.89%
2. Mar 31, 2018 $7.20 -7.10% 2,640.87 -2.69%
3. Apr 30, 2018 $8.30 15.28% 2,648.05 0.27%
. . . . . . .
. . . . . . .
. . . . . . .
58. Nov 30, 2022 $42.50 -2.66% 4,080.11 5.38%
59. Dec 31, 2022 $45.82 7.81% 3,839.50 -5.90%
Average (R): 3.99% 0.67%
Standard deviation: 15.94% 5.40%
Cytokinetics Inc. (CYTK) Standard & Poor’s 500 (S&P 500)
t Date PriceCYTK,t1 DividendCYTK,t1 RCYTK,t2 PriceS&P 500,t RS&P 500,t3
Jan 31, 2018 $9.20 2,823.81
1. Feb 28, 2018 $7.75 -15.76% 2,713.83 -3.89%
2. Mar 31, 2018 $7.20 -7.10% 2,640.87 -2.69%
3. Apr 30, 2018 $8.30 15.28% 2,648.05 0.27%
4. May 31, 2018 $9.00 8.43% 2,705.27 2.16%
5. Jun 30, 2018 $8.30 -7.78% 2,718.37 0.48%
6. Jul 31, 2018 $7.35 -11.45% 2,816.29 3.60%
7. Aug 31, 2018 $7.90 7.48% 2,901.52 3.03%
8. Sep 30, 2018 $9.85 24.68% 2,913.98 0.43%
9. Oct 31, 2018 $6.69 -32.08% 2,711.74 -6.94%
10. Nov 30, 2018 $7.86 17.49% 2,760.17 1.79%
11. Dec 31, 2018 $6.32 -19.59% 2,506.85 -9.18%
12. Jan 31, 2019 $7.03 11.23% 2,704.10 7.87%
13. Feb 28, 2019 $7.22 2.70% 2,784.49 2.97%
14. Mar 31, 2019 $8.09 12.05% 2,834.40 1.79%
15. Apr 30, 2019 $8.82 9.02% 2,945.83 3.93%
16. May 31, 2019 $10.37 17.57% 2,752.06 -6.58%
17. Jun 30, 2019 $11.25 8.49% 2,941.76 6.89%
18. Jul 31, 2019 $12.19 8.36% 2,980.38 1.31%
19. Aug 31, 2019 $14.05 15.26% 2,926.46 -1.81%
20. Sep 30, 2019 $11.38 -19.00% 2,976.74 1.72%
21. Oct 31, 2019 $11.65 2.37% 3,037.56 2.04%
22. Nov 30, 2019 $9.67 -17.00% 3,140.98 3.40%
23. Dec 31, 2019 $10.61 9.72% 3,230.78 2.86%
24. Jan 31, 2020 $12.30 15.93% 3,225.52 -0.16%
25. Feb 29, 2020 $13.94 13.33% 2,954.22 -8.41%
26. Mar 31, 2020 $11.79 -15.42% 2,584.59 -12.51%
27. Apr 30, 2020 $15.11 28.16% 2,912.43 12.68%
28. May 31, 2020 $20.71 37.06% 3,044.31 4.53%
29. Jun 30, 2020 $23.57 13.81% 3,100.29 1.84%
30. Jul 31, 2020 $21.62 -8.27% 3,271.12 5.51%
31. Aug 31, 2020 $23.96 10.82% 3,500.31 7.01%
32. Sep 30, 2020 $21.65 -9.64% 3,363.00 -3.92%
33. Oct 31, 2020 $15.37 -29.01% 3,269.96 -2.77%
34. Nov 30, 2020 $16.80 9.30% 3,621.63 10.75%
35. Dec 31, 2020 $20.78 23.69% 3,756.07 3.71%
36. Jan 31, 2021 $19.67 -5.34% 3,714.24 -1.11%
37. Feb 28, 2021 $18.73 -4.78% 3,811.15 2.61%
38. Mar 31, 2021 $23.26 24.19% 3,972.89 4.24%
39. Apr 30, 2021 $25.44 9.37% 4,181.17 5.24%
40. May 31, 2021 $21.83 -14.19% 4,204.11 0.55%
41. Jun 30, 2021 $19.79 -9.34% 4,297.50 2.22%
42. Jul 31, 2021 $29.68 49.97% 4,395.26 2.27%
43. Aug 31, 2021 $32.97 11.08% 4,522.68 2.90%
44. Sep 30, 2021 $35.74 8.40% 4,307.54 -4.76%
45. Oct 31, 2021 $34.91 -2.32% 4,605.38 6.91%
46. Nov 30, 2021 $39.34 12.69% 4,567.00 -0.83%
47. Dec 31, 2021 $45.58 15.86% 4,766.18 4.36%
48. Jan 31, 2022 $33.19 -27.18% 4,515.55 -5.26%
49. Feb 28, 2022 $35.32 6.42% 4,373.94 -3.14%
50. Mar 31, 2022 $36.81 4.22% 4,530.41 3.58%
51. Apr 30, 2022 $39.87 8.31% 4,131.93 -8.80%
52. May 31, 2022 $39.90 0.08% 4,132.15 0.01%
53. Jun 30, 2022 $39.29 -1.53% 3,785.38 -8.39%
54. Jul 31, 2022 $42.33 7.74% 4,130.29 9.11%
55. Aug 31, 2022 $52.96 25.11% 3,955.00 -4.24%
56. Sep 30, 2022 $48.45 -8.52% 3,585.62 -9.34%
57. Oct 31, 2022 $43.66 -9.89% 3,871.98 7.99%
58. Nov 30, 2022 $42.50 -2.66% 4,080.11 5.38%
59. Dec 31, 2022 $45.82 7.81% 3,839.50 -5.90%
Average (R): 3.99% 0.67%
Standard deviation: 15.94% 5.40%

Show all

1 Data in US$ per share of common stock, adjusted for splits and stock dividends.

2 Rate of return on common stock of CYTK during period t

3 Rate of return on S&P 500 (the market portfolio proxy) during period t


Variance and Covariance

Cytokinetics Inc., calculation of variance and covariance of returns

Microsoft Excel
t Date RCYTK,t RS&P 500,t (RCYTK,tRCYTK)2 (RS&P 500,tRS&P 500)2 (RCYTK,tRCYTK)×(RS&P 500,tRS&P 500)
1. Feb 28, 2018 -15.76% -3.89% 390.27 20.81 90.11
2. Mar 31, 2018 -7.10% -2.69% 123.01 11.26 37.21
3. Apr 30, 2018 15.28% 0.27% 127.32 0.16 -4.45
. . . . . . .
. . . . . . .
. . . . . . .
58. Nov 30, 2022 -2.66% 5.38% 44.24 22.17 -31.32
59. Dec 31, 2022 7.81% -5.90% 14.57 43.08 -25.06
Total (Σ): 14,745.77 1,691.48 1,601.42
t Date RCYTK,t RS&P 500,t (RCYTK,tRCYTK)2 (RS&P 500,tRS&P 500)2 (RCYTK,tRCYTK)×(RS&P 500,tRS&P 500)
1. Feb 28, 2018 -15.76% -3.89% 390.27 20.81 90.11
2. Mar 31, 2018 -7.10% -2.69% 123.01 11.26 37.21
3. Apr 30, 2018 15.28% 0.27% 127.32 0.16 -4.45
4. May 31, 2018 8.43% 2.16% 19.71 2.23 6.63
5. Jun 30, 2018 -7.78% 0.48% 138.58 0.03 2.15
6. Jul 31, 2018 -11.45% 3.60% 238.40 8.62 -45.32
7. Aug 31, 2018 7.48% 3.03% 12.17 5.57 8.23
8. Sep 30, 2018 24.68% 0.43% 428.05 0.06 -4.91
9. Oct 31, 2018 -32.08% -6.94% 1,301.44 57.87 274.43
10. Nov 30, 2018 17.49% 1.79% 182.10 1.25 15.10
11. Dec 31, 2018 -19.59% -9.18% 556.35 96.91 232.20
12. Jan 31, 2019 11.23% 7.87% 52.42 51.87 52.14
13. Feb 28, 2019 2.70% 2.97% 1.67 5.32 -2.98
14. Mar 31, 2019 12.05% 1.79% 64.89 1.27 9.07
15. Apr 30, 2019 9.02% 3.93% 25.29 10.66 16.42
16. May 31, 2019 17.57% -6.58% 184.40 52.48 -98.37
17. Jun 30, 2019 8.49% 6.89% 20.18 38.77 27.97
18. Jul 31, 2019 8.36% 1.31% 19.02 0.42 2.82
19. Aug 31, 2019 15.26% -1.81% 126.88 6.13 -27.89
20. Sep 30, 2019 -19.00% 1.72% 528.90 1.11 -24.18
21. Oct 31, 2019 2.37% 2.04% 2.63 1.89 -2.23
22. Nov 30, 2019 -17.00% 3.40% 440.58 7.50 -57.47
23. Dec 31, 2019 9.72% 2.86% 32.79 4.81 12.55
24. Jan 31, 2020 15.93% -0.16% 142.42 0.69 -9.90
25. Feb 29, 2020 13.33% -8.41% 87.22 82.40 -84.78
26. Mar 31, 2020 -15.42% -12.51% 377.04 173.67 255.90
27. Apr 30, 2020 28.16% 12.68% 583.96 144.43 290.41
28. May 31, 2020 37.06% 4.53% 1,093.44 14.91 127.69
29. Jun 30, 2020 13.81% 1.84% 96.34 1.37 11.51
30. Jul 31, 2020 -8.27% 5.51% 150.49 23.46 -59.42
31. Aug 31, 2020 10.82% 7.01% 46.64 40.19 43.29
32. Sep 30, 2020 -9.64% -3.92% 185.92 21.06 62.58
33. Oct 31, 2020 -29.01% -2.77% 1,089.08 11.79 113.30
34. Nov 30, 2020 9.30% 10.75% 28.19 101.77 53.56
35. Dec 31, 2020 23.69% 3.71% 387.94 9.28 59.98
36. Jan 31, 2021 -5.34% -1.11% 87.16 3.17 16.62
37. Feb 28, 2021 -4.78% 2.61% 76.97 3.77 -17.04
38. Mar 31, 2021 24.19% 4.24% 407.70 12.80 72.23
39. Apr 30, 2021 9.37% 5.24% 28.92 20.94 24.61
40. May 31, 2021 -14.19% 0.55% 330.68 0.01 2.15
41. Jun 30, 2021 -9.34% 2.22% 177.93 2.42 -20.74
42. Jul 31, 2021 49.97% 2.27% 2,114.20 2.59 73.94
43. Aug 31, 2021 11.08% 2.90% 50.28 4.98 15.83
44. Sep 30, 2021 8.40% -4.76% 19.42 29.42 -23.90
45. Oct 31, 2021 -2.32% 6.91% 39.90 39.03 -39.46
46. Nov 30, 2021 12.69% -0.83% 75.61 2.25 -13.04
47. Dec 31, 2021 15.86% 4.36% 140.84 13.65 43.85
48. Jan 31, 2022 -27.18% -5.26% 972.02 35.11 184.73
49. Feb 28, 2022 6.42% -3.14% 5.87 14.46 -9.22
50. Mar 31, 2022 4.22% 3.58% 0.05 8.47 0.65
51. Apr 30, 2022 8.31% -8.80% 18.65 89.54 -40.86
52. May 31, 2022 0.08% 0.01% 15.36 0.44 2.59
53. Jun 30, 2022 -1.53% -8.39% 30.50 82.06 50.03
54. Jul 31, 2022 7.74% 9.11% 14.01 71.32 31.61
55. Aug 31, 2022 25.11% -4.24% 445.97 24.11 -103.70
56. Sep 30, 2022 -8.52% -9.34% 156.50 100.12 125.18
57. Oct 31, 2022 -9.89% 7.99% 192.68 53.58 -101.60
58. Nov 30, 2022 -2.66% 5.38% 44.24 22.17 -31.32
59. Dec 31, 2022 7.81% -5.90% 14.57 43.08 -25.06
Total (Σ): 14,745.77 1,691.48 1,601.42

Show all

VarianceCYTK = Σ(RCYTK,tRCYTK)2 ÷ (59 – 1)
= 14,745.77 ÷ (59 – 1)
= 254.24

VarianceS&P 500 = Σ(RS&P 500,tRS&P 500)2 ÷ (59 – 1)
= 1,691.48 ÷ (59 – 1)
= 29.16

CovarianceCYTK, S&P 500 = Σ(RCYTK,tRCYTK)×(RS&P 500,tRS&P 500) ÷ (59 – 1)
= 1,601.42 ÷ (59 – 1)
= 27.61


Systematic Risk (β) Estimation

Microsoft Excel
VarianceCYTK 254.24
VarianceS&P 500 29.16
CovarianceCYTK, S&P 500 27.61
Correlation coefficientCYTK, S&P 5001 0.32
βCYTK2 0.95
αCYTK3 3.36%

Calculations

1 Correlation coefficientCYTK, S&P 500
= CovarianceCYTK, S&P 500 ÷ (Standard deviationCYTK × Standard deviationS&P 500)
= 27.61 ÷ (15.94% × 5.40%)
= 0.32

2 βCYTK
= CovarianceCYTK, S&P 500 ÷ VarianceS&P 500
= 27.61 ÷ 29.16
= 0.95

3 αCYTK
= AverageCYTK – βCYTK × AverageS&P 500
= 3.99%0.95 × 0.67%
= 3.36%


Expected Rate of Return

Microsoft Excel
Assumptions
Rate of return on LT Treasury Composite1 RF 4.67%
Expected rate of return on market portfolio2 E(RM) 13.79%
Systematic risk (β) of Cytokinetics Inc. common stock βCYTK 0.95
 
Expected rate of return on Cytokinetics Inc. common stock3 E(RCYTK) 13.30%

1 Unweighted average of bid yields on all outstanding fixed-coupon U.S. Treasury bonds neither due or callable in less than 10 years (risk-free rate of return proxy).

2 See details »

3 E(RCYTK) = RF + βCYTK [E(RM) – RF]
= 4.67% + 0.95 [13.79%4.67%]
= 13.30%