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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $72.00 price objective on the biopharmaceutical company’s stock. Needham & Company LLC’s price target points to a potential upside of 51.04% from the company’s current price.

Several other equities analysts have also issued reports on the company. JMP Securities reissued a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research note on Wednesday, September 4th. JPMorgan Chase & Co. increased their target price on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research note on Monday. The Goldman Sachs Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and an average price target of $83.93.

Cytokinetics Price Performance

Shares of NASDAQ CYTK opened at $47.67 on Wednesday. The company has a market capitalization of $5.63 billion, a PE ratio of -8.86 and a beta of 0.78. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. Cytokinetics has a twelve month low of $30.68 and a twelve month high of $110.25. The firm has a fifty day simple moving average of $53.74 and a 200 day simple moving average of $54.92.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates 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. The company’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.35) EPS. On average, sell-side analysts forecast that Cytokinetics will post -5.31 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Fady Ibraham Malik sold 7,384 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total transaction of $420,961.84. Following the completion of the sale, the executive vice president now directly owns 122,920 shares of the company’s stock, valued at approximately $7,007,669.20. This trade represents a 5.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $50.55, for a total value of $252,750.00. Following the completion of the transaction, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $20,091,400.80. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,078 shares of company stock valued at $3,514,119 in the last three months. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Cytokinetics

A number of large investors have recently added to or reduced their stakes in CYTK. J.Safra Asset Management Corp increased its stake in shares of Cytokinetics by 642.3% during the 2nd 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 last quarter. UMB Bank n.a. grew its holdings in 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 period. Blue Trust Inc. increased its position in Cytokinetics by 225.9% in the third 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 last quarter. Values First Advisors Inc. bought a new stake in shares of Cytokinetics in the third quarter valued at $54,000. Finally, EntryPoint Capital LLC purchased a new position in shares of Cytokinetics during the 1st quarter valued at $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.