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

Needham & Company LLC reaffirmed their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a report published on Friday morning, Benzinga reports. The brokerage currently has a $72.00 target price on the biopharmaceutical company’s stock.

CYTK has been the subject of several other research reports. Bank of America dropped their price objective on shares of Cytokinetics from $70.00 to $60.00 and set a neutral rating for the company in a research note on Thursday, May 23rd. Oppenheimer cut their price target on Cytokinetics from $107.00 to $106.00 and set an outperform rating for the company in a research note on Thursday, May 9th. JPMorgan Chase & Co. lowered their price objective on Cytokinetics from $77.00 to $65.00 and set an overweight rating on the stock in a research note on Monday, June 24th. HC Wainwright reaffirmed a buy rating and issued a $90.00 price objective on shares of Cytokinetics in a report on Monday, June 17th. Finally, JMP Securities reduced their target price on Cytokinetics from $106.00 to $78.00 and set a market outperform rating on the stock in a report on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $77.06.

Cytokinetics Stock Performance

Cytokinetics stock traded up $1.79 during midday trading on Friday, reaching $55.79. 1,819,200 shares of the company’s stock were exchanged, compared to its average volume of 2,455,856. The stock’s 50-day simple moving average is $54.83 and its 200 day simple moving average is $63.78. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of -10.33 and a beta of 0.75. Cytokinetics has a 52 week low of $25.98 and a 52 week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.29). The company had revenue of $0.25 million during the quarter, compared to analyst estimates of $7.61 million. The company’s revenue for the quarter was down 71.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.34) EPS. Research analysts forecast that Cytokinetics will post -4.5 earnings per share for the current year.

Insider Buying and Selling at Cytokinetics

In other news, Director Robert Arthur Harrington sold 1,580 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $48.64, for a total transaction of $76,851.20. Following the completion of the sale, the director now owns 15,541 shares of the company’s stock, valued at approximately $755,914.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Robert Arthur Harrington sold 1,580 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $48.64, for a total value of $76,851.20. Following the completion of the sale, the director now directly owns 15,541 shares of the company’s stock, valued at approximately $755,914.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Robert Wong sold 13,011 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $48.88, for a total value of $635,977.68. Following the transaction, the chief accounting officer now directly owns 16,653 shares in the company, valued at $813,998.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 153,332 shares of company stock valued at $8,177,236. 3.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Cytokinetics by 4.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 53,747 shares of the biopharmaceutical company’s stock worth $4,487,000 after acquiring an additional 2,063 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Cytokinetics during the fourth quarter valued at about $263,000. Mutual of America Capital Management LLC boosted its holdings in Cytokinetics by 2.0% during the fourth quarter. Mutual of America Capital Management LLC now owns 17,162 shares of the biopharmaceutical company’s stock worth $1,433,000 after purchasing an additional 337 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in Cytokinetics in the 4th quarter worth about $4,099,000. Finally, Mackenzie Financial Corp purchased a new stake in Cytokinetics in the 4th quarter valued at about $506,000.

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.