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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They presently have a $72.00 price objective on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 40.93% from the stock’s previous close.

A number of other brokerages have also recently issued reports on CYTK. JMP Securities restated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a report on Wednesday, September 4th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. HC Wainwright reissued a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a report on Monday. The Goldman Sachs Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and decreased their price target for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. Finally, Royal Bank of Canada assumed coverage on shares of Cytokinetics in a research note on Friday, November 8th. They issued an “outperform” rating and a $80.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.67.

Cytokinetics Stock Down 1.6 %

CYTK opened at $51.09 on Wednesday. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. The stock’s fifty day simple moving average is $53.94 and its 200 day simple moving average is $55.01. Cytokinetics has a 1-year low of $30.68 and a 1-year high of $110.25. The stock has a market cap of $6.03 billion, a PE ratio of -9.50 and a beta of 0.78.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The firm had revenue of $0.46 million for the quarter, compared to the consensus estimate of $1.21 million. Cytokinetics’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.35) earnings per share. As a group, research analysts expect that Cytokinetics will post -4.32 earnings per share for the current year.

Insider Activity

In related news, Director Wendall Wierenga sold 4,452 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $52.25, for a total transaction of $232,617.00. Following the sale, the director now owns 24,559 shares in the company, valued at $1,283,207.75. The trade was a 15.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Fady Ibraham Malik sold 7,384 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total value of $420,961.84. Following the completion of the transaction, the executive vice president now owns 122,920 shares of the company’s stock, valued at $7,007,669.20. This represents a 5.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,078 shares of company stock worth $3,514,119. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Institutional investors have recently added to or reduced their stakes in the business. J.Safra Asset Management Corp lifted its holdings in shares of Cytokinetics by 642.3% during the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 456 shares during the period. UMB Bank n.a. raised its position in 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 purchasing an additional 238 shares during the last quarter. Blue Trust Inc. lifted its holdings in Cytokinetics by 225.9% during the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after buying an additional 680 shares during the period. Values First Advisors Inc. bought a new stake in shares of Cytokinetics in the 3rd quarter valued at about $54,000. Finally, EntryPoint Capital LLC acquired a new stake in shares of Cytokinetics in the first quarter valued at about $74,000.

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.