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

Needham & Company LLC reissued their buy rating on shares of Cytokinetics (NASDAQ:CYTKFree Report) in a research report released on Thursday, Benzinga reports. They currently have a $72.00 price objective on the biopharmaceutical company’s stock.

CYTK has been the subject of a number of other research reports. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a report on Thursday. JPMorgan Chase & Co. lifted their target price on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Monday, September 9th. The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and reduced their target price for the company from $85.00 to $60.00 in a report on Tuesday, August 13th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a report on Wednesday, September 4th. One research 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $83.93.

Read Our Latest Research Report on Cytokinetics

Cytokinetics Trading Down 1.4 %

Shares of Cytokinetics stock opened at $54.53 on Thursday. Cytokinetics has a 52-week low of $30.37 and a 52-week high of $110.25. The stock’s 50-day simple moving average is $55.14 and its 200 day simple moving average is $57.58. The stock has a market capitalization of $5.72 billion, a P/E ratio of -10.10 and a beta of 0.77. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 10.39.

Cytokinetics (NASDAQ:CYTKGet Free Report) last announced its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The company had revenue of $0.25 million during the quarter, compared to analyst estimates of $7.61 million. During the same quarter in the prior year, the company earned ($1.34) EPS. The business’s revenue for the quarter was down 71.3% compared to the same quarter last year. As a group, research analysts anticipate that Cytokinetics will post -5.15 EPS for the current year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s 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 sale, the executive vice president now owns 129,004 shares of the company’s stock, valued at $7,355,808.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the business’s 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were 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 of the company’s stock, valued at approximately $1,232,704. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 84,584 shares of company stock valued at $4,722,898 over the last quarter. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors have recently modified their holdings of CYTK. J.Safra Asset Management Corp grew its stake in shares of Cytokinetics by 642.3% in the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after acquiring an additional 456 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Cytokinetics by 65.6% during the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 238 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Cytokinetics during the first quarter valued at $74,000. Bessemer Group Inc. boosted its position in shares of Cytokinetics by 25,100.0% during the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after buying an additional 1,255 shares during the last quarter. Finally, Quarry LP boosted its position in shares of Cytokinetics by 233.3% during the second quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after buying an additional 1,400 shares during the last quarter.

About Cytokinetics

(Get Free Report)

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.

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Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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