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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They presently have a $72.00 price objective on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 30.98% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. JMP Securities restated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a report on Wednesday, September 4th. The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price target for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research report on Monday, September 9th. HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research report on Thursday. Finally, JPMorgan Chase & Co. upped their target price on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $83.93.

Cytokinetics Stock Performance

CYTK opened at $54.97 on Thursday. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93. The stock’s 50 day moving average price is $55.12 and its two-hundred day moving average price is $57.45. The firm has a market capitalization of $5.76 billion, a P/E ratio of -10.18 and a beta of 0.77. Cytokinetics has a 12-month low of $30.37 and a 12-month high of $110.25.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The firm had revenue of $0.25 million for the quarter, compared to analyst estimates of $7.61 million. The company’s revenue was down 71.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.34) EPS. On average, equities analysts forecast that Cytokinetics will post -5.15 earnings per share for the current year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $52.10, for a total value of $380,330.00. Following the completion of the transaction, the executive vice president now owns 118,920 shares in the company, valued at approximately $6,195,732. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $52.10, for a total transaction of $380,330.00. Following the transaction, the executive vice president now directly owns 118,920 shares in the company, valued at approximately $6,195,732. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $299,200.00. Following the sale, the director now directly owns 20,600 shares in the company, valued at $1,232,704. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 84,584 shares of company stock valued at $4,722,898 in the last three months. 3.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cytokinetics

Large investors have recently made changes to their positions in the company. UMB Bank n.a. raised its holdings in Cytokinetics by 65.6% during the 3rd 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. First Bank & Trust raised its stake in shares of Cytokinetics by 4.7% during the second quarter. First Bank & Trust now owns 6,757 shares of the biopharmaceutical company’s stock worth $366,000 after buying an additional 303 shares during the last quarter. J.Safra Asset Management Corp lifted its holdings in Cytokinetics by 642.3% in the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after buying an additional 456 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Cytokinetics by 19.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,416 shares of the biopharmaceutical company’s stock valued at $239,000 after acquiring an additional 558 shares during the last quarter. Finally, Inspire Investing LLC grew its holdings in Cytokinetics by 13.5% during the 1st quarter. Inspire Investing LLC now owns 5,087 shares of the biopharmaceutical company’s stock worth $357,000 after acquiring an additional 605 shares during the period.

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.