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

Needham & Company LLC reissued their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a report published on Wednesday,Benzinga reports. They currently have a $72.00 price objective on the biopharmaceutical company’s stock.

Several other brokerages have also recently issued reports on CYTK. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Royal Bank of Canada initiated coverage on Cytokinetics in a research report on Friday, November 8th. They set an “outperform” rating and a $80.00 target price for the company. The Goldman Sachs Group cut Cytokinetics from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research report on Monday. Finally, JMP Securities reiterated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.67.

Cytokinetics Stock Down 2.4 %

CYTK stock opened at $49.86 on Wednesday. The business’s fifty day moving average price is $53.86 and its two-hundred day moving average price is $54.97. The stock has a market capitalization of $5.88 billion, a price-to-earnings ratio of -9.27 and a beta of 0.78. Cytokinetics has a fifty-two week low of $30.68 and a fifty-two week high of $110.25. 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 (NASDAQ:CYTK) last released its quarterly earnings results 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 company had revenue of $0.46 million for the quarter, compared to analyst estimates of $1.21 million. The business’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter last year, the company posted ($1.35) earnings per share. On average, equities analysts anticipate that Cytokinetics will post -4.32 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 7,384 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total transaction of $420,961.84. Following the completion of the transaction, the executive vice president now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Wendall Wierenga sold 4,452 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $52.25, for a total value of $232,617.00. Following the transaction, the director now directly owns 24,559 shares of the company’s stock, valued at approximately $1,283,207.75. This represents a 15.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,078 shares of company stock worth $3,514,119 in the last 90 days. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. J.Safra Asset Management Corp raised its holdings in 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. increased its position in shares of Cytokinetics by 65.6% during the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 238 shares during the period. Blue Trust Inc. raised its stake in Cytokinetics by 225.9% during 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. acquired a new position in Cytokinetics in the third quarter valued at $54,000. Finally, EntryPoint Capital LLC bought a new stake in Cytokinetics during the first 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.