Cytokinetics (NASDAQ:CYTK) Stock Rating Reaffirmed by Needham & Company LLC

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

A number of other analysts also recently weighed in on CYTK. Bank of America reduced their target price on shares of Cytokinetics from $70.00 to $60.00 and set a neutral rating on the stock in a research report on Thursday, May 23rd. JPMorgan Chase & Co. reduced their target price on shares of Cytokinetics from $77.00 to $65.00 and set an overweight rating on the stock in a research report on Monday, June 24th. Barclays reduced their target price on shares of Cytokinetics from $100.00 to $95.00 and set an overweight rating on the stock in a research report on Thursday, May 23rd. The Goldman Sachs Group downgraded shares of 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 report on Tuesday, August 13th. Finally, HC Wainwright reaffirmed a buy rating and issued a $90.00 target price on shares of Cytokinetics in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Cytokinetics currently has an average rating of Moderate Buy and an average target price of $80.67.

Cytokinetics Stock Down 3.3 %

Shares of Cytokinetics stock opened at $54.09 on Tuesday. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93. The company’s fifty day simple moving average is $56.23 and its two-hundred day simple moving average is $60.69. The company has a market cap of $5.67 billion, a P/E ratio of -10.02 and a beta of 0.77. Cytokinetics has a 12-month low of $25.98 and a 12-month high of $110.25.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The business had revenue of $0.25 million for the quarter, compared to analyst estimates of $7.61 million. The company’s revenue for the quarter was down 71.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.34) earnings per share. Research analysts anticipate that Cytokinetics will post -5.1 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other news, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $59.84, for a total value of $299,200.00. Following the transaction, the director now owns 20,600 shares in the company, valued at approximately $1,232,704. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Muna Bhanji sold 2,000 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $52.07, for a total value of $104,140.00. Following the transaction, the director now owns 17,631 shares in the company, valued at approximately $918,046.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $299,200.00. Following the completion of the transaction, the director now owns 20,600 shares in the company, valued at approximately $1,232,704. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 145,125 shares of company stock worth $7,981,849. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Cytokinetics by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after acquiring an additional 273,565 shares in the last quarter. Darwin Global Management Ltd. purchased a new stake in Cytokinetics in the 2nd quarter worth approximately $246,074,000. Integral Health Asset Management LLC increased its holdings in Cytokinetics by 122.2% in the 2nd quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock worth $54,180,000 after acquiring an additional 550,000 shares in the last quarter. First Turn Management LLC purchased a new stake in Cytokinetics in the 4th quarter worth approximately $67,414,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Cytokinetics by 4.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock worth $65,955,000 after acquiring an additional 33,257 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.