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

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

A number of other equities analysts have also commented on the stock. JMP Securities reiterated a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a report on Friday, February 7th. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a report on Friday, April 4th. Stifel Nicolaus assumed coverage on Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price target for the company. Royal Bank of Canada raised their price objective on Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Finally, Morgan Stanley set a $67.00 target price on Cytokinetics in a report on Friday, March 7th. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $82.00.

Cytokinetics Price Performance

Shares of CYTK opened at $37.85 on Tuesday. The business has a 50-day simple moving average of $43.38 and a two-hundred day simple moving average of $48.28. Cytokinetics has a 12-month low of $32.74 and a 12-month high of $75.50. The stock has a market cap of $4.48 billion, a PE ratio of -7.04 and a beta of 0.94. 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 (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.29) by $0.03. The firm had revenue of $16.93 million during the quarter, compared to analyst estimates of $14.26 million. Analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 16,970 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $43.44, for a total value of $737,176.80. Following the completion of the sale, the chief executive officer now directly owns 364,181 shares in the company, valued at $15,820,022.64. This trade represents a 4.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $48.06, for a total value of $96,120.00. Following the completion of the sale, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at $5,578,372.26. The trade was a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,170 shares of company stock worth $2,766,739. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors have recently modified their holdings of CYTK. Stifel Financial Corp increased its stake in Cytokinetics by 8.5% during the 3rd quarter. Stifel Financial Corp now owns 25,067 shares of the biopharmaceutical company’s stock valued at $1,324,000 after purchasing an additional 1,959 shares in the last quarter. Two Sigma Advisers LP acquired a new position in shares of Cytokinetics during the third quarter valued at about $11,336,000. XTX Topco Ltd bought a new stake in shares of Cytokinetics during the third quarter worth about $521,000. Geode Capital Management LLC raised its holdings in shares of Cytokinetics by 4.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock worth $150,433,000 after acquiring an additional 109,938 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its position in Cytokinetics by 12.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 56,885 shares of the biopharmaceutical company’s stock valued at $3,003,000 after acquiring an additional 6,300 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.