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

Needham & Company LLC reissued their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research report report published on Wednesday,Benzinga reports. The firm currently has a $72.00 price target on the biopharmaceutical company’s stock.

CYTK has been the topic of a number of other research reports. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Royal Bank of Canada started coverage on Cytokinetics in a report on Friday, November 8th. They set an “outperform” rating and a $80.00 target price for the company. JMP Securities reiterated a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a report on Wednesday, September 4th. HC Wainwright restated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a report on Monday, November 18th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $83.93.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $49.10 on Wednesday. The company has a market capitalization of $5.79 billion, a P/E ratio of -9.13 and a beta of 0.78. Cytokinetics has a fifty-two week low of $30.68 and a fifty-two week high of $110.25. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The stock has a 50 day moving average price of $53.60 and a two-hundred day moving average price of $54.74.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The company had revenue of $0.46 million for the quarter, compared to the consensus estimate of $1.21 million. During the same period in the prior year, the company earned ($1.35) EPS. The firm’s revenue was up 22.5% compared to the same quarter last year. Analysts expect that Cytokinetics will post -5.25 earnings per share for the current year.

Insider Activity

In related news, Director Wendall Wierenga sold 4,452 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $52.25, for a total value of $232,617.00. Following the transaction, the director now directly owns 24,559 shares of the company’s stock, valued at approximately $1,283,207.75. This represents a 15.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total value of $285,150.00. Following the completion of the sale, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at approximately $22,666,915.68. The trade was a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,078 shares of company stock worth $3,514,119 over the last three months. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. J.Safra Asset Management Corp lifted its stake in Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after acquiring an additional 456 shares during the period. UMB Bank n.a. raised its holdings in shares of Cytokinetics by 65.6% during the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 238 shares during the last quarter. Blue Trust Inc. lifted its position in Cytokinetics by 225.9% during the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 680 shares during the period. Values First Advisors Inc. purchased a new stake in Cytokinetics in the third quarter worth approximately $54,000. Finally, EntryPoint Capital LLC bought a new stake in Cytokinetics in the 1st quarter worth approximately $74,000.

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.