Cytokinetics (NASDAQ:CYTK) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research note issued to investors on Wednesday,Benzinga reports. Needham & Company LLC currently has a $72.00 price objective on the biopharmaceutical company’s stock.

CYTK has been the topic of a number of other reports. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research note on Wednesday, September 4th. JPMorgan Chase & Co. upped their target price on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. HC Wainwright reissued a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research report on Monday, November 18th. The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. Finally, Royal Bank of Canada started coverage on shares of Cytokinetics in a report on Friday, November 8th. They set an “outperform” rating and a $80.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and an average price target of $83.93.

Cytokinetics Price Performance

Cytokinetics stock opened at $49.10 on Wednesday. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of -9.13 and a beta of 0.78. Cytokinetics has a 52-week low of $30.68 and a 52-week high of $110.25. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The stock’s 50 day moving average price is $53.60 and its two-hundred day moving average price is $54.81.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The business had revenue of $0.46 million for the quarter, compared to analyst estimates of $1.21 million. During the same period last year, the firm earned ($1.35) EPS. The company’s revenue for the quarter was up 22.5% on a year-over-year basis. On average, equities analysts predict that Cytokinetics will post -5.31 earnings per share for the current year.

Insider Activity

In other Cytokinetics news, EVP Fady Ibraham Malik sold 6,342 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $58.48, for a total value of $370,880.16. Following the transaction, the executive vice president now owns 113,878 shares of the company’s stock, valued at approximately $6,659,585.44. The trade was a 5.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $52.14, for a total value of $260,700.00. Following the sale, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at approximately $20,723,355.84. This represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,078 shares of company stock valued at $3,514,119 over the last three months. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Cytokinetics by 12.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 56,885 shares of the biopharmaceutical company’s stock worth $3,003,000 after purchasing an additional 6,300 shares during the period. Geode Capital Management LLC raised its stake in shares of Cytokinetics by 4.0% in the third quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock valued at $150,433,000 after buying an additional 109,938 shares during the period. XTX Topco Ltd purchased a new position in shares of Cytokinetics during the 3rd quarter valued at $521,000. Two Sigma Advisers LP bought a new position in shares of Cytokinetics during the 3rd quarter worth $11,336,000. Finally, Stifel Financial Corp increased its holdings in Cytokinetics by 8.5% in the 3rd quarter. Stifel Financial Corp now owns 25,067 shares of the biopharmaceutical company’s stock worth $1,324,000 after acquiring an additional 1,959 shares during the last quarter.

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.