Cytokinetics (NASDAQ:CYTK) Price Target Lowered to $72.00 at Needham & Company LLC

Cytokinetics (NASDAQ:CYTK) had its price target reduced by investment analysts at Needham & Company LLC from $108.00 to $72.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Needham & Company LLC’s price target suggests a potential upside of 21.56% from the stock’s current price.

Several other analysts also recently weighed in on the stock. Mizuho lowered their price target on shares of Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, March 6th. Oppenheimer lowered their price target on shares of Cytokinetics from $107.00 to $106.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. JMP Securities lowered their price target on shares of Cytokinetics from $110.00 to $106.00 and set a “market outperform” rating for the company in a research note on Thursday, May 9th. HC Wainwright reissued a “buy” rating and issued a $94.00 price target on shares of Cytokinetics in a research note on Tuesday, May 14th. Finally, Truist Financial reissued a “buy” rating and issued a $86.00 price target on shares of Cytokinetics in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and a consensus target price of $79.20.

Cytokinetics Price Performance

CYTK opened at $59.23 on Thursday. The company has a fifty day moving average price of $66.44 and a 200-day moving average price of $63.55. The firm has a market capitalization of $6.21 billion, a P/E ratio of -10.97 and a beta of 0.72. Cytokinetics has a one year low of $25.98 and a one year high of $110.25.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The company had revenue of $0.84 million for the quarter, compared to the consensus estimate of $0.91 million. During the same period in the previous year, the business earned ($1.38) EPS. The business’s quarterly revenue was down 81.8% compared to the same quarter last year. On average, analysts expect that Cytokinetics will post -4.73 earnings per share for the current year.

Insiders Place Their Bets

In other Cytokinetics news, Director John T. Henderson sold 10,562 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $64.54, for a total value of $681,671.48. Following the sale, the director now owns 32,070 shares in the company, valued at $2,069,797.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director John T. Henderson sold 10,562 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total transaction of $681,671.48. Following the sale, the director now owns 32,070 shares in the company, valued at $2,069,797.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the sale, the executive vice president now owns 138,567 shares in the company, valued at approximately $10,296,913.77. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 91,318 shares of company stock worth $6,319,540. 3.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. bought a new position in Cytokinetics during the fourth quarter valued at approximately $46,308,000. Vanguard Group Inc. raised its position in Cytokinetics by 4.6% in the third quarter. Vanguard Group Inc. now owns 10,743,324 shares of the biopharmaceutical company’s stock worth $316,498,000 after acquiring an additional 472,595 shares during the period. HealthInvest Partners AB bought a new position in Cytokinetics in the fourth quarter worth approximately $980,000. Legato Capital Management LLC bought a new position in Cytokinetics in the fourth quarter worth approximately $1,305,000. Finally, Victory Capital Management Inc. raised its position in Cytokinetics by 1,040.4% in the fourth quarter. Victory Capital Management Inc. now owns 191,654 shares of the biopharmaceutical company’s stock worth $16,001,000 after acquiring an additional 174,848 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.