Cytokinetics (NASDAQ:CYTK) Given “Buy” Rating at Needham & Company LLC

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

Several other equities analysts have also issued reports on the company. Mizuho boosted their price objective on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. HC Wainwright reiterated a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a report on Tuesday, January 21st. Royal Bank of Canada increased their price objective on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research report on Tuesday, January 14th. Finally, Stifel Nicolaus started coverage on Cytokinetics in a report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 target price for the company. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.79.

Cytokinetics Trading Down 8.4 %

Shares of CYTK stock opened at $46.17 on Thursday. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. Cytokinetics has a 12-month low of $44.49 and a 12-month high of $81.36. The firm has a fifty day moving average of $48.50 and a 200-day moving average of $52.51.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results 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 business had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $1.21 million. During the same quarter in the previous year, the company posted ($1.35) EPS. The company’s quarterly revenue was up 22.5% on a year-over-year basis. Sell-side analysts predict that Cytokinetics will post -5.25 EPS for the current fiscal year.

Insider Activity at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 6,342 shares of Cytokinetics stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $58.48, for a total transaction of $370,880.16. Following the completion of the transaction, the executive vice president now directly owns 113,878 shares in the company, valued at approximately $6,659,585.44. The trade was a 5.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Wendall Wierenga sold 742 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $48.61, for a total value of $36,068.62. Following the transaction, the director now directly owns 24,559 shares in the company, valued at $1,193,812.99. The trade was a 2.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,464 shares of company stock valued at $2,025,686. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Cytokinetics

Several hedge funds and other institutional investors have recently modified their holdings of CYTK. Charles Schwab Investment Management Inc. lifted its position in Cytokinetics by 42.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock worth $69,769,000 after acquiring an additional 395,709 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Cytokinetics by 38.9% during the third quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock worth $64,040,000 after purchasing an additional 339,373 shares during the period. Checkpoint Capital L.P. lifted its holdings in Cytokinetics by 145.7% during the 3rd quarter. Checkpoint Capital L.P. now owns 466,813 shares of the biopharmaceutical company’s stock worth $24,648,000 after purchasing an additional 276,813 shares during the last quarter. Two Sigma Advisers LP bought a new stake in Cytokinetics in the 3rd quarter valued at $11,336,000. Finally, Janus Henderson Group PLC grew its holdings in Cytokinetics by 17.2% in the 3rd quarter. Janus Henderson Group PLC now owns 1,143,830 shares of the biopharmaceutical company’s stock valued at $60,399,000 after buying an additional 167,501 shares in the last quarter.

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.