Cytokinetics (NASDAQ:CYTK) Earns Buy Rating from Needham & Company LLC

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They presently have a $72.00 target price on the biopharmaceutical company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 42.04% from the stock’s previous close.

Several other analysts have also issued reports on CYTK. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. Mizuho increased their price target on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a report on Monday, November 18th. Finally, JMP Securities restated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $83.93.

Cytokinetics Price Performance

Shares of NASDAQ CYTK traded down $1.17 during midday trading on Monday, reaching $50.69. The stock had a trading volume of 143,664 shares, compared to its average volume of 2,027,893. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The company has a market capitalization of $5.98 billion, a price-to-earnings ratio of -9.42 and a beta of 0.78. Cytokinetics has a 12-month low of $32.50 and a 12-month high of $110.25. The stock has a 50-day moving average of $53.21 and a 200-day moving average of $54.35.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing the consensus estimate 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. The company’s revenue was up 22.5% on a year-over-year basis. During the same period last year, the business posted ($1.35) EPS. As a group, research analysts anticipate that Cytokinetics will post -5.25 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 7,384 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total value of $420,961.84. Following the transaction, the executive vice president now owns 122,920 shares of the company’s stock, valued at approximately $7,007,669.20. This represents a 5.67 % 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, Director Wendall Wierenga sold 4,452 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $52.25, for a total transaction of $232,617.00. Following the sale, the director now owns 24,559 shares in the company, valued at $1,283,207.75. This represents a 15.35 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 72,378 shares of company stock worth $3,880,287. 3.40% of the stock is owned by company insiders.

Institutional Trading of Cytokinetics

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