Needham & Company LLC reaffirmed their buy rating on shares of Cytokinetics (NASDAQ:CYTK – Free Report) in a report issued on Monday morning,Benzinga reports. The brokerage currently has a $72.00 price target on the biopharmaceutical company’s stock.
Other equities research analysts also recently issued research reports about the stock. Mizuho upped their price target on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. JMP Securities restated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a report on Wednesday, September 4th. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price target for the company from $85.00 to $60.00 in a report on Tuesday, August 13th. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. upped their target price on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $83.93.
Read Our Latest Analysis on Cytokinetics
Cytokinetics Trading Down 2.4 %
Cytokinetics (NASDAQ:CYTK – Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The company had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $1.21 million. During the same quarter in the prior year, the company earned ($1.35) earnings per share. The company’s quarterly revenue was up 22.5% compared to the same quarter last year. On average, sell-side analysts expect that Cytokinetics will post -5.25 earnings per share for the current fiscal year.
Insider Transactions at Cytokinetics
In related news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $52.14, for a total value of $260,700.00. Following the completion of the sale, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $20,723,355.84. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 7,300 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $52.10, for a total transaction of $380,330.00. Following the transaction, the executive vice president now directly owns 118,920 shares in the company, valued at $6,195,732. The trade was a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 64,994 shares of company stock worth $3,427,975 in the last 90 days. 3.40% of the stock is owned by insiders.
Institutional Investors Weigh In On Cytokinetics
Several institutional investors and hedge funds have recently added to or reduced their stakes in CYTK. Louisiana State Employees Retirement System grew its holdings in Cytokinetics by 0.6% during the third quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the biopharmaceutical company’s stock valued at $1,721,000 after purchasing an additional 200 shares during the last quarter. UMB Bank n.a. grew its stake in Cytokinetics by 65.6% in the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 238 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Cytokinetics by 2.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 15,062 shares of the biopharmaceutical company’s stock worth $795,000 after acquiring an additional 430 shares during the period. J.Safra Asset Management Corp lifted its position in shares of Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 456 shares during the period. Finally, MetLife Investment Management LLC boosted its stake in Cytokinetics by 0.4% in the 3rd quarter. MetLife Investment Management LLC now owns 123,308 shares of the biopharmaceutical company’s stock valued at $6,511,000 after buying an additional 538 shares in the last quarter.
Cytokinetics Company Profile
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.
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