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

Needham & Company LLC reiterated their buy rating on shares of Cytokinetics (NASDAQ:CYTK - Free Report) in a report released on Thursday morning,Benzinga reports. Needham & Company LLC currently has a $72.00 price target on the biopharmaceutical company's stock.

Other research analysts also recently issued reports about the company. JMP Securities reissued a "market outperform" rating and set a $78.00 target price on shares of Cytokinetics in a report on Tuesday, January 14th. HC Wainwright reiterated a "buy" rating and issued a $120.00 price objective on shares of Cytokinetics in a report on Tuesday, January 21st. Cantor Fitzgerald reissued an "overweight" rating on shares of Cytokinetics in a research report on Friday, October 18th. Stifel Nicolaus started coverage on shares of Cytokinetics in a report on Wednesday, January 22nd. They set a "buy" rating and a $80.00 target price for the company. Finally, Mizuho increased their price target on shares of Cytokinetics from $99.00 to $103.00 and gave the company an "outperform" rating in a report on Thursday, November 21st. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $83.00.

Cytokinetics Stock Performance

NASDAQ:CYTK traded down $0.55 during mid-day trading on Thursday, hitting $42.21. The stock had a trading volume of 2,616,097 shares, compared to its average volume of 1,416,177. The company's 50 day simple moving average is $48.15 and its 200 day simple moving average is $52.23. The stock has a market cap of $4.98 billion, a price-to-earnings ratio of -7.85 and a beta of 0.83. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. Cytokinetics has a twelve month low of $41.71 and a twelve month high of $81.36.

Insiders Place Their Bets

In other news, Director Wendall Wierenga sold 742 shares of the company's stock in a transaction on Monday, December 16th. The shares were sold at an average price of $48.61, for a total value of $36,068.62. Following the sale, the director now directly owns 24,559 shares of the company's stock, valued at approximately $1,193,812.99. This represents a 2.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $45.92, for a total transaction of $91,840.00. Following the completion of the sale, the executive vice president now owns 116,071 shares of the company's stock, valued at $5,329,980.32. This represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,464 shares of company stock valued at $2,025,686. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp boosted its stake in Cytokinetics by 189.8% in the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company's stock valued at $27,000 after acquiring an additional 374 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Cytokinetics by 65.6% in the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company's stock worth $32,000 after purchasing an additional 238 shares during the period. Centricity Wealth Management LLC purchased a new position in Cytokinetics in the fourth quarter valued at approximately $29,000. Blue Trust Inc. grew its holdings in Cytokinetics by 225.9% during the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company's stock valued at $53,000 after purchasing an additional 680 shares during the period. Finally, Values First Advisors Inc. purchased a new stake in Cytokinetics in the third quarter worth $54,000.

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.