Cytokinetics’ (CYTK) “Buy” Rating Reiterated at Needham & Company LLC

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $72.00 price target on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 56.87% from the stock’s current price.

Other analysts have also recently issued research reports about the company. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a report on Tuesday, January 21st. Mizuho increased their price objective on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. JMP Securities reissued a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research note on Tuesday, January 14th. Finally, Royal Bank of Canada boosted their target price on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $82.79.

Cytokinetics Stock Down 9.0 %

Cytokinetics stock traded down $4.51 during trading on Thursday, hitting $45.90. 2,400,670 shares of the company were exchanged, compared to its average volume of 1,206,524. The business’s 50 day moving average is $48.62 and its 200 day moving average is $52.55. Cytokinetics has a 52 week low of $44.49 and a 52 week high of $81.36. The company has a market capitalization of $5.42 billion, a P/E ratio of -8.54 and a beta of 0.83. 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) earnings per share (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 analysts’ expectations of $1.21 million. During the same period in the previous year, the business earned ($1.35) EPS. Cytokinetics’s revenue for the quarter was up 22.5% on a year-over-year basis. Analysts predict that Cytokinetics will post -5.25 earnings per share for the current year.

Insider Activity at Cytokinetics

In other news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $50.76, for a total value of $253,800.00. Following the sale, the chief executive officer now directly owns 397,678 shares in the company, valued at approximately $20,186,135.28. This trade represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 6,342 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $58.48, for a total value of $370,880.16. Following the completion of the transaction, the executive vice president now directly owns 113,878 shares in the company, valued at $6,659,585.44. This trade represents a 5.28 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,464 shares of company stock worth $2,025,686. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Large investors have recently bought and sold shares of the business. Jones Financial Companies Lllp grew its holdings in shares of Cytokinetics by 189.8% during the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 374 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Cytokinetics during the fourth quarter worth about $29,000. UMB Bank n.a. grew its holdings 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 purchasing an additional 238 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of 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 purchasing an additional 680 shares during the last quarter. Finally, Values First Advisors Inc. purchased a new position in shares of Cytokinetics during the third quarter worth about $54,000.

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.