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

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

Other analysts also recently issued research reports about the company. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. HC Wainwright reissued a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research note on Monday. Royal Bank of Canada initiated coverage on shares of Cytokinetics in a research note on Friday, November 8th. They issued an “outperform” rating and a $80.00 price target on the stock. JPMorgan Chase & Co. upped their price target on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.67.

Cytokinetics Trading Down 2.4 %

CYTK opened at $49.86 on Wednesday. The firm has a 50 day simple moving average of $53.86 and a 200 day simple moving average of $54.97. The company has a market cap of $5.88 billion, a price-to-earnings ratio of -9.27 and a beta of 0.78. Cytokinetics has a fifty-two week low of $30.68 and a fifty-two week high of $110.25. 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 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 business had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $1.21 million. The company’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same quarter last year, the firm earned ($1.35) earnings per share. On average, sell-side analysts anticipate that Cytokinetics will post -4.32 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 that occurred on Monday, November 18th. The stock was sold at an average price of $50.55, for a total value of $252,750.00. Following the completion of the sale, the chief executive officer now owns 397,456 shares of the company’s stock, valued at approximately $20,091,400.80. This represents a 1.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Wendall Wierenga sold 4,452 shares of Cytokinetics stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $52.25, for a total transaction of $232,617.00. Following the completion of the transaction, the director now directly owns 24,559 shares of the company’s stock, valued at approximately $1,283,207.75. This trade represents a 15.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,078 shares of company stock valued at $3,514,119. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. J.Safra Asset Management Corp lifted its holdings in Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 456 shares during the last quarter. UMB Bank n.a. raised its position in shares of Cytokinetics by 65.6% in the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 238 shares during the period. Blue Trust Inc. raised its position in shares of Cytokinetics by 225.9% in the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 680 shares during the period. Values First Advisors Inc. acquired a new stake in shares of Cytokinetics during the 3rd quarter worth about $54,000. Finally, EntryPoint Capital LLC bought a new stake in shares of Cytokinetics during the 1st quarter worth about $74,000.

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.