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 report issued on Thursday morning,Benzinga reports. The brokerage currently has a $72.00 target price on the biopharmaceutical company’s stock.

Several other research analysts have also recently commented on the company. Stifel Nicolaus began coverage on Cytokinetics in a research report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a report on Tuesday, January 21st. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Mizuho raised their price target on shares of Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a report on Tuesday, January 14th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.79.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $46.17 on Thursday. Cytokinetics has a twelve month low of $44.49 and a twelve month high of $81.36. The firm has a 50-day simple moving average of $48.50 and a 200 day simple moving average of $52.51. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS 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 the consensus estimate 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 company earned ($1.35) EPS. As a group, research analysts forecast that Cytokinetics will post -5.25 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 6,342 shares of Cytokinetics stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $58.48, for a total value of $370,880.16. Following the completion of the sale, the executive vice president now directly owns 113,878 shares of the company’s stock, valued at approximately $6,659,585.44. This trade represents a 5.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 sale, the chief executive officer now owns 397,456 shares of the company’s stock, valued at approximately $20,091,400.80. The trade was a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 39,464 shares of company stock worth $2,025,686 in the last 90 days. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CYTK. Louisiana State Employees Retirement System lifted its holdings in Cytokinetics by 0.6% in the third quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the biopharmaceutical company’s stock valued at $1,721,000 after buying an additional 200 shares during the period. UMB Bank n.a. raised its position in shares of Cytokinetics by 65.6% during the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 238 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Cytokinetics by 189.8% in the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 374 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Cytokinetics by 2.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 15,062 shares of the biopharmaceutical company’s stock worth $795,000 after purchasing an additional 430 shares during the last quarter. Finally, MetLife Investment Management LLC grew its stake in shares of Cytokinetics by 0.4% during the third quarter. MetLife Investment Management LLC now owns 123,308 shares of the biopharmaceutical company’s stock worth $6,511,000 after purchasing an additional 538 shares during the period.

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.