Cytokinetics’ (CYTK) Buy Rating Reiterated at Needham & Company LLC

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $72.00 target price on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 30.25% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. The Goldman Sachs Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. JMP Securities restated a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a report on Wednesday, September 4th. JPMorgan Chase & Co. lifted their price objective on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research report on Thursday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $83.93.

Cytokinetics Price Performance

Cytokinetics stock opened at $55.28 on Thursday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 10.39. The company has a market capitalization of $5.80 billion, a price-to-earnings ratio of -10.24 and a beta of 0.77. The company’s 50 day simple moving average is $55.13 and its 200-day simple moving average is $57.60. Cytokinetics has a 1 year low of $30.37 and a 1 year high of $110.25.

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

Insider Buying and Selling

In other news, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $59.84, for a total value of $299,200.00. Following the completion of the sale, the director now directly owns 20,600 shares of the company’s stock, valued at approximately $1,232,704. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $59.84, for a total value of $299,200.00. Following the transaction, the director now directly owns 20,600 shares in the company, valued at approximately $1,232,704. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $52.10, for a total transaction of $380,330.00. Following the completion of the transaction, the executive vice president now directly owns 118,920 shares in the company, valued at $6,195,732. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 84,584 shares of company stock worth $4,722,898 in the last ninety days. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors have recently made changes to their positions in the stock. UMB Bank n.a. increased its holdings in shares of 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 purchasing an additional 238 shares in the last quarter. First Bank & Trust grew its position in Cytokinetics by 4.7% during the second quarter. First Bank & Trust now owns 6,757 shares of the biopharmaceutical company’s stock worth $366,000 after buying an additional 303 shares during the period. J.Safra Asset Management Corp increased its holdings in Cytokinetics by 642.3% in the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after buying an additional 456 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Cytokinetics by 19.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,416 shares of the biopharmaceutical company’s stock valued at $239,000 after acquiring an additional 558 shares during the period. Finally, Inspire Investing LLC boosted its stake in shares of Cytokinetics by 13.5% during the 1st quarter. Inspire Investing LLC now owns 5,087 shares of the biopharmaceutical company’s stock worth $357,000 after acquiring an additional 605 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.