Cytokinetics’ (CYTK) Buy Rating Reaffirmed at Needham & Company LLC

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They presently have a $72.00 target price on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective points to a potential upside of 68.38% from the company’s previous close.

Several other equities analysts have also issued reports on the company. JMP Securities restated a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research report on Tuesday, January 14th. Mizuho lifted their price objective on shares of Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Royal Bank of Canada upped 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. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a research report on Tuesday, January 21st. Finally, 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. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $83.00.

Cytokinetics Trading Down 7.4 %

Shares of NASDAQ CYTK opened at $42.76 on Thursday. Cytokinetics has a fifty-two week low of $42.72 and a fifty-two week high of $81.36. The firm has a market capitalization of $5.05 billion, a P/E ratio of -7.95 and a beta of 0.83. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The company’s 50 day simple moving average is $48.32 and its 200 day simple moving average is $52.41.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) 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 firm’s revenue was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.35) EPS. On average, analysts predict that Cytokinetics will post -5.25 EPS for the current year.

Insider Activity at Cytokinetics

In other news, Director Wendall Wierenga sold 742 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $48.61, for a total value of $36,068.62. Following the completion of the transaction, the director now owns 24,559 shares in the company, valued at $1,193,812.99. This trade represents a 2.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 6,342 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $58.48, for a total value of $370,880.16. Following the sale, the executive vice president now owns 113,878 shares in the company, valued at $6,659,585.44. The trade was a 5.28 % 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 have recently made changes to their positions in CYTK. Jones Financial Companies Lllp grew its stake in shares of Cytokinetics by 189.8% in the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 374 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in Cytokinetics in the fourth quarter valued at $29,000. UMB Bank n.a. grew its position in shares of Cytokinetics by 65.6% in the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 238 shares during the period. Blue Trust Inc. increased its stake in shares of Cytokinetics by 225.9% during the 3rd 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, AlphaQuest LLC raised its holdings in shares of Cytokinetics by 113,500.0% in the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 1,135 shares during the period.

About Cytokinetics

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.