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

Needham & Company LLC reaffirmed their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research report released on Thursday, Benzinga reports. The firm currently has a $72.00 price objective on the biopharmaceutical company’s stock.

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

Cytokinetics Price Performance

Shares of CYTK stock 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. Cytokinetics has a twelve month low of $30.37 and a twelve month high of $110.25. The company has a market cap of $5.76 billion, a P/E ratio of -10.18 and a beta of 0.77. The business has a fifty day simple moving average of $55.12 and a 200 day simple moving average of $57.36.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The business had revenue of $0.25 million during the quarter, compared to analysts’ expectations of $7.61 million. During the same period in the previous year, the company earned ($1.34) EPS. The company’s revenue was down 71.3% on a year-over-year basis. On average, sell-side analysts forecast that Cytokinetics will post -5.15 EPS for the current fiscal year.

Insider Activity at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $57.02, for a total transaction of $416,246.00. Following the sale, the executive vice president now owns 129,004 shares in the company, valued at $7,355,808.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $59.84, for a total value of $299,200.00. Following the transaction, the director now owns 20,600 shares in the company, valued at approximately $1,232,704. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 7,300 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $57.02, for a total value of $416,246.00. Following the completion of the transaction, the executive vice president now owns 129,004 shares in the company, valued at approximately $7,355,808.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 84,584 shares of company stock worth $4,722,898 in the last 90 days. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CYTK. Vanguard Group Inc. raised its stake in shares of Cytokinetics by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after purchasing an additional 273,565 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Cytokinetics in the first quarter worth approximately $1,249,000. Chemistry Wealth Management LLC purchased a new stake in shares of Cytokinetics in the first quarter worth approximately $366,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Cytokinetics in the first quarter worth approximately $813,000. Finally, First Bank & Trust purchased a new stake in shares of Cytokinetics in the first quarter worth approximately $452,000.

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.