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

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

A number of other brokerages have also recently commented on CYTK. Citigroup decreased their price target on Cytokinetics from $80.00 to $77.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Mizuho decreased their price target on Cytokinetics from $103.00 to $84.00 and set an “outperform” rating on the stock in a research report on Thursday, May 29th. Wall Street Zen upgraded Cytokinetics from a “strong sell” rating to a “hold” rating in a research report on Sunday, August 10th. JPMorgan Chase & Co. decreased their target price on Cytokinetics from $71.00 to $53.00 and set an “overweight” rating on the stock in a research report on Monday, June 9th. Finally, Cantor Fitzgerald upgraded Cytokinetics to a “strong-buy” rating in a research report on Tuesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $73.50.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $49.62 on Tuesday. Cytokinetics has a 52 week low of $29.31 and a 52 week high of $59.39. The stock has a market capitalization of $5.94 billion, a P/E ratio of -9.73 and a beta of 0.62. The stock’s fifty day moving average is $36.57 and its 200 day moving average is $37.64.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million during the quarter, compared to the consensus estimate of $1.95 million. During the same quarter in the previous year, the business posted ($1.31) EPS. The firm’s revenue for the quarter was up 26727.3% on a year-over-year basis. Equities research analysts forecast that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $38.31, for a total value of $76,620.00. Following the transaction, the executive vice president directly owned 140,610 shares of the company’s stock, valued at $5,386,769.10. The trade was a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andrew Callos sold 8,659 shares of the company’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $32.04, for a total value of $277,434.36. Following the completion of the sale, the executive vice president owned 52,028 shares in the company, valued at $1,666,977.12. The trade was a 14.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,051 shares of company stock valued at $1,565,710. 3.40% of the stock is currently owned by company insiders.

Institutional Trading of Cytokinetics

Several institutional investors have recently added to or reduced their stakes in CYTK. Deep Track Capital LP boosted its holdings in Cytokinetics by 296.9% in the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock valued at $117,600,000 after acquiring an additional 1,870,094 shares during the last quarter. Norges Bank bought a new stake in Cytokinetics in the second quarter valued at approximately $39,122,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. boosted its holdings in Cytokinetics by 571.2% in the second quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company’s stock valued at $35,768,000 after acquiring an additional 921,278 shares during the last quarter. Paradigm Biocapital Advisors LP bought a new stake in Cytokinetics in the first quarter valued at approximately $34,510,000. Finally, Vestal Point Capital LP boosted its holdings in Cytokinetics by 56.7% in the fourth quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company’s stock valued at $110,544,000 after acquiring an additional 850,000 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.