Needham & Company LLC Reiterates Buy Rating for Cytokinetics (NASDAQ:CYTK)

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

CYTK has been the subject of a number of other reports. Barclays dropped their target price 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. Morgan Stanley set a $67.00 price objective on Cytokinetics in a report on Friday, March 7th. HC Wainwright reiterated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research report on Monday, April 21st. Evercore ISI upgraded Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research note on Thursday, April 10th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and an average price target of $74.44.

Cytokinetics Stock Down 4.7%

Shares of Cytokinetics stock opened at $30.61 on Wednesday. Cytokinetics has a 12-month low of $30.46 and a 12-month high of $61.40. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The stock has a 50 day moving average price of $39.69 and a two-hundred day moving average price of $45.68. The stock has a market capitalization of $3.66 billion, a P/E ratio of -5.69 and a beta of 0.81.

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

Insider Buying and Selling at Cytokinetics

In other news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $36.77, for a total value of $183,850.00. Following the completion of the transaction, the chief executive officer now owns 422,629 shares in the company, valued at $15,540,068.33. This trade represents a 1.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Andrew Callos sold 4,002 shares of the company’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $36.68, for a total value of $146,793.36. Following the sale, the executive vice president now owns 60,687 shares in the company, valued at $2,225,999.16. The trade was a 6.19% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,362 shares of company stock worth $3,899,118. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jones Financial Companies Lllp increased its stake in shares of Cytokinetics by 189.8% during the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 374 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in Cytokinetics in the fourth quarter valued at approximately $29,000. Fifth Third Bancorp lifted its position in shares of Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 291 shares during the last quarter. Parallel Advisors LLC raised its stake in Cytokinetics by 500.5% in the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock valued at $44,000 after acquiring an additional 916 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock valued at $45,000 after purchasing an additional 826 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.