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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a report issued on Thursday, 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 30.25% from the stock’s current price.

A number of other research firms have also recently commented on CYTK. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Monday, September 9th. JPMorgan Chase & Co. raised their price objective on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. HC Wainwright reissued a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research note on Thursday. Finally, JMP Securities restated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $83.93.

Cytokinetics Price Performance

Shares of CYTK opened at $55.28 on Thursday. The business’s 50-day moving average is $55.13 and its two-hundred day moving average is $57.60. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 10.39. The company has a market capitalization of $5.80 billion, a P/E ratio of -10.24 and a beta of 0.77. Cytokinetics has a fifty-two week low of $30.37 and a fifty-two week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The firm had revenue of $0.25 million for the quarter, compared to analyst estimates of $7.61 million. During the same quarter last year, the firm earned ($1.34) earnings per share. Cytokinetics’s revenue for the quarter was down 71.3% on a year-over-year basis. Research analysts predict that Cytokinetics will post -5.15 earnings per share for the current year.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.19, for a total transaction of $395,587.00. Following the completion of the sale, the executive vice president now owns 116,920 shares of the company’s stock, valued at approximately $6,335,894.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $59.84, for a total value of $299,200.00. Following the completion of the sale, the director now owns 20,600 shares of the company’s stock, valued at approximately $1,232,704. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.19, for a total value of $395,587.00. Following the transaction, the executive vice president now directly owns 116,920 shares in the company, valued at $6,335,894.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,584 shares of company stock valued at $4,722,898. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CYTK. Creative Planning grew its holdings in shares of Cytokinetics by 50.5% in the third quarter. Creative Planning now owns 23,666 shares of the biopharmaceutical company’s stock valued at $1,250,000 after purchasing an additional 7,939 shares during the period. Inspire Investing LLC boosted its holdings in Cytokinetics by 20.0% in the 3rd quarter. Inspire Investing LLC now owns 7,888 shares of the biopharmaceutical company’s stock valued at $416,000 after purchasing an additional 1,317 shares during the last quarter. UMB Bank n.a. boosted its holdings in Cytokinetics by 65.6% in the 3rd 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 last quarter. Verde Servicos Internacionais S.A. acquired a new stake in shares of Cytokinetics during the 3rd quarter worth approximately $1,914,000. Finally, Handelsbanken Fonder AB raised its position in shares of Cytokinetics by 25.1% during the 3rd quarter. Handelsbanken Fonder AB now owns 29,400 shares of the biopharmaceutical company’s stock valued at $1,552,000 after buying an additional 5,900 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.