Cytokinetics’ (CYTK) Buy Rating Reiterated at Needham & Company LLC

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $72.00 price objective on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 135.22% from the stock’s previous close.

Several other research firms also recently weighed in on CYTK. JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a research report on Thursday, April 10th. Barclays decreased their price target on shares of Cytokinetics from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, May 8th. Bank of America reduced their price objective on shares of Cytokinetics from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research report on Monday, April 21st. Finally, UBS Group lowered their target price on shares of Cytokinetics from $47.00 to $41.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $74.44.

Cytokinetics Stock Performance

Shares of Cytokinetics stock opened at $30.61 on Wednesday. The firm has a market cap of $3.66 billion, a PE ratio of -5.69 and a beta of 0.81. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. Cytokinetics has a 52 week low of $30.46 and a 52 week high of $61.40. The business’s fifty day simple moving average is $39.69 and its 200-day simple moving average is $45.68.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, beating the consensus estimate of ($1.41) by $0.05. The company had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.77 million. The firm’s revenue for the quarter was up 89.1% on a year-over-year basis. During the same quarter last year, the business posted ($1.33) EPS. Equities analysts forecast that Cytokinetics will post -5.24 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Wendall Wierenga sold 20,000 shares of Cytokinetics stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $38.46, for a total transaction of $769,200.00. Following the sale, the director now owns 24,848 shares in the company, valued at $955,654.08. This trade represents a 44.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $45.98, for a total value of $91,960.00. Following the sale, the executive vice president now owns 116,071 shares of the company’s stock, valued at $5,336,944.58. This represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,362 shares of company stock worth $3,899,118 over the last ninety days. 2.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Institutional investors have recently bought and sold shares of the stock. Algert Global LLC grew its stake in shares of Cytokinetics by 98.2% in the 1st quarter. Algert Global LLC now owns 116,320 shares of the biopharmaceutical company’s stock worth $4,675,000 after purchasing an additional 57,640 shares during the last quarter. American Century Companies Inc. grew its position in Cytokinetics by 1.3% in the first quarter. American Century Companies Inc. now owns 361,388 shares of the biopharmaceutical company’s stock worth $14,524,000 after buying an additional 4,812 shares during the last quarter. Aberdeen Group plc grew its position in Cytokinetics by 33.7% in the first quarter. Aberdeen Group plc now owns 602,421 shares of the biopharmaceutical company’s stock worth $24,211,000 after buying an additional 151,908 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of Cytokinetics in the first quarter valued at $932,000. Finally, Oak Ridge Investments LLC lifted its position in shares of Cytokinetics by 15.0% during the 1st quarter. Oak Ridge Investments LLC now owns 17,096 shares of the biopharmaceutical company’s stock valued at $687,000 after acquiring an additional 2,232 shares during the last quarter.

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.