Needham & Company LLC Reaffirms “Buy” Rating for Cytokinetics (NASDAQ:CYTK)

Needham & Company LLC reiterated their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research report report published on Thursday morning, Benzinga reports. They currently have a $72.00 target price on the biopharmaceutical company’s stock.

CYTK has been the topic of several other research reports. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research report on Wednesday, September 4th. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a research report on Thursday. JPMorgan Chase & Co. boosted their price target on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research report on Monday, September 9th. Finally, The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $85.00 to $60.00 in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $83.93.

Cytokinetics Trading Up 0.8 %

NASDAQ CYTK opened at $54.97 on Thursday. The stock has a market capitalization of $5.76 billion, a price-to-earnings ratio of -10.18 and a beta of 0.77. The stock’s 50 day moving average price is $55.12 and its two-hundred day moving average price is $57.36. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 10.39. Cytokinetics has a 52 week low of $30.37 and a 52 week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The business had revenue of $0.25 million during the quarter, compared to analysts’ expectations of $7.61 million. The firm’s revenue was down 71.3% on a year-over-year basis. During the same quarter last year, the business earned ($1.34) earnings per share. As a group, analysts anticipate that Cytokinetics will post -5.15 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 11,500 shares of the business’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $59.49, for a total value of $684,135.00. Following the completion of the sale, the chief executive officer now directly owns 399,412 shares in the company, valued at $23,761,019.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Robert I. Blum sold 11,500 shares of the business’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $59.49, for a total value of $684,135.00. Following the completion of the sale, the chief executive officer now directly owns 399,412 shares in the company, valued at $23,761,019.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $57.02, for a total value of $416,246.00. Following the sale, the executive vice president now owns 129,004 shares of the company’s stock, valued at approximately $7,355,808.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,584 shares of company stock worth $4,722,898 in the last ninety days. 3.40% of the stock is owned by company insiders.

Institutional Trading of Cytokinetics

A number of institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its position in shares of Cytokinetics by 6.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 93,299 shares of the biopharmaceutical company’s stock valued at $4,926,000 after acquiring an additional 5,487 shares during the period. Blue Trust Inc. lifted its position in shares of Cytokinetics by 225.9% during the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after acquiring an additional 680 shares during the period. Creative Planning lifted its position in shares of Cytokinetics by 50.5% during the 3rd quarter. Creative Planning now owns 23,666 shares of the biopharmaceutical company’s stock valued at $1,250,000 after acquiring an additional 7,939 shares during the period. Inspire Investing LLC lifted its position in shares of Cytokinetics by 20.0% during the 3rd quarter. Inspire Investing LLC now owns 7,888 shares of the biopharmaceutical company’s stock valued at $416,000 after acquiring an additional 1,317 shares during the period. Finally, UMB Bank n.a. lifted its position in shares of Cytokinetics by 65.6% during the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 238 shares during 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.