Needham & Company LLC Boosts Cytokinetics (NASDAQ:CYTK) Price Target to $60.00

Cytokinetics (NASDAQ:CYTKGet Rating) had its target price hoisted by research analysts at Needham & Company LLC from $52.00 to $60.00 in a report issued on Thursday, The Fly reports. Needham & Company LLC’s price target indicates a potential upside of 46.23% from the company’s previous close.

A number of other research firms have also recently issued reports on CYTK. Cantor Fitzgerald lowered their price objective on shares of Cytokinetics from $57.00 to $53.00 in a research report on Thursday, February 17th. StockNews.com initiated coverage on shares of Cytokinetics in a research note on Thursday, March 31st. They set a “sell” rating on the stock. The Goldman Sachs Group assumed coverage on shares of Cytokinetics in a research note on Friday, January 28th. They set a “buy” rating and a $74.00 target price on the stock. Zacks Investment Research lowered shares of Cytokinetics from a “buy” rating to a “hold” rating in a research note on Monday, February 21st. Finally, HC Wainwright raised their price objective on shares of Cytokinetics from $69.00 to $75.00 in a report on Friday, April 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $55.50.

Shares of NASDAQ CYTK opened at $41.03 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 7.45 and a quick ratio of 7.45. Cytokinetics has a fifty-two week low of $17.72 and a fifty-two week high of $47.90. The stock has a market capitalization of $3.51 billion, a PE ratio of -14.50 and a beta of 1.22. The business has a fifty day moving average price of $37.71 and a two-hundred day moving average price of $37.44.

Cytokinetics (NASDAQ:CYTKGet Rating) last posted its earnings results on Wednesday, May 4th. The biopharmaceutical company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.94) by ($0.11). The company had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.72 million. Cytokinetics had a negative return on equity of 149.21% and a negative net margin of 305.72%. The firm’s revenue was down 82.5% compared to the same quarter last year. During the same period last year, the company posted ($0.66) EPS. On average, equities analysts expect that Cytokinetics will post -3.79 EPS for the current year.

In related news, CEO Robert I. Blum sold 10,000 shares of the stock in a transaction on Monday, February 7th. The shares were sold at an average price of $33.86, for a total transaction of $338,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ching Jaw sold 15,000 shares of the company’s stock in a transaction on Wednesday, March 9th. The stock was sold at an average price of $38.00, for a total transaction of $570,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 165,196 shares of company stock worth $6,230,941. 5.00% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in CYTK. First Horizon Advisors Inc. grew its stake in Cytokinetics by 1,827.1% in the 3rd quarter. First Horizon Advisors Inc. now owns 925 shares of the biopharmaceutical company’s stock valued at $43,000 after acquiring an additional 877 shares during the last quarter. Paragon Capital Management Ltd acquired a new stake in Cytokinetics in the 4th quarter valued at about $47,000. Penserra Capital Management LLC grew its stake in Cytokinetics by 16.8% in the 3rd quarter. Penserra Capital Management LLC now owns 1,910 shares of the biopharmaceutical company’s stock valued at $68,000 after acquiring an additional 275 shares during the last quarter. Chilton Capital Management LLC acquired a new stake in Cytokinetics in the 4th quarter valued at about $103,000. Finally, First Mercantile Trust Co. acquired a new stake in Cytokinetics in the 3rd quarter valued at about $86,000.

About Cytokinetics (Get Rating)

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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