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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $72.00 target price on the biopharmaceutical company’s stock. Needham & Company LLC’s price target indicates a potential upside of 68.38% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. JMP Securities reissued a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research report on Tuesday, January 14th. Stifel Nicolaus started coverage on shares of Cytokinetics in a report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Royal Bank of Canada increased their target price on shares of Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Finally, Mizuho boosted their price target on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $83.00.

Cytokinetics Stock Down 7.4 %

Cytokinetics stock opened at $42.76 on Thursday. The firm has a market cap of $5.05 billion, a price-to-earnings ratio of -7.95 and a beta of 0.83. The firm has a fifty day moving average price of $48.32 and a two-hundred day moving average price of $52.41. Cytokinetics has a fifty-two week low of $42.72 and a fifty-two week high of $81.36. 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 posted 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 firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. During the same quarter in the previous year, the firm earned ($1.35) EPS. The business’s revenue for the quarter was up 22.5% compared to the same quarter last year. As a group, analysts forecast that Cytokinetics will post -5.25 earnings per share for the current year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, Director Wendall Wierenga sold 742 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $48.61, for a total value of $36,068.62. Following the transaction, the director now owns 24,559 shares of the company’s stock, valued at approximately $1,193,812.99. The trade was a 2.93 % 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 hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $48.06, for a total value of $96,120.00. Following the sale, the executive vice president now owns 116,071 shares in the company, valued at $5,578,372.26. The trade was a 1.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,464 shares of company stock valued at $2,025,686. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp raised its stake in shares of Cytokinetics by 21.3% in the third quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock worth $3,802,000 after acquiring an additional 12,565 shares during the last quarter. Westfield Capital Management Co. LP raised its position in Cytokinetics by 38.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock worth $64,040,000 after purchasing an additional 339,373 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Cytokinetics by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock worth $69,769,000 after purchasing an additional 395,709 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Cytokinetics during the 3rd quarter worth $558,000. Finally, Cetera Investment Advisers boosted its position in Cytokinetics by 128.5% in the 2nd quarter. Cetera Investment Advisers now owns 27,320 shares of the biopharmaceutical company’s stock valued at $1,480,000 after buying an additional 15,366 shares during 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.