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

Needham & Company LLC reaffirmed their buy rating on shares of Cytokinetics (NASDAQ:CYTK - Free Report) in a research note published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $72.00 price objective on the biopharmaceutical company's stock.

CYTK has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price target on shares of Cytokinetics from $65.00 to $71.00 and gave the company an "overweight" rating in a research note on Thursday, September 5th. The Goldman Sachs Group cut shares of Cytokinetics from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. HC Wainwright restated a "buy" rating and set a $120.00 price target on shares of Cytokinetics in a research report on Monday. Royal Bank of Canada started coverage on shares of Cytokinetics in a report on Friday, November 8th. They issued an "outperform" rating and a $80.00 price objective for the company. Finally, JMP Securities restated a "market outperform" rating and issued a $78.00 price target on shares of Cytokinetics in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $83.67.

Cytokinetics Stock Performance

NASDAQ CYTK traded down $1.23 during mid-day trading on Wednesday, reaching $49.86. 1,063,163 shares of the stock were exchanged, compared to its average volume of 2,057,156. The business's 50 day moving average is $53.94 and its 200-day moving average is $55.01. The company has a market capitalization of $5.88 billion, a P/E ratio of -9.50 and a beta of 0.78. Cytokinetics has a 1 year low of $30.68 and a 1 year high of $110.25. 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 (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. During the same period in the previous year, the business earned ($1.35) EPS. Cytokinetics's quarterly revenue was up 22.5% on a year-over-year basis. On average, equities research analysts forecast that Cytokinetics will post -4.32 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In related news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction on Monday, September 30th. The stock was sold at an average price of $52.14, for a total value of $260,700.00. Following the transaction, the chief executive officer now owns 397,456 shares in the company, valued at approximately $20,723,355.84. This trade represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 7,384 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total transaction of $420,961.84. Following the completion of the transaction, the executive vice president now owns 122,920 shares in the company, valued at $7,007,669.20. The trade was a 5.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,078 shares of company stock valued at $3,514,119 over the last quarter. Corporate insiders own 3.40% of the company's stock.

Institutional Trading of Cytokinetics

Several large investors have recently added to or reduced their stakes in CYTK. Louisiana State Employees Retirement System boosted its position in shares of Cytokinetics by 0.6% in the third quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the biopharmaceutical company's stock worth $1,721,000 after buying an additional 200 shares during the period. UMB Bank n.a. raised its stake 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 purchasing an additional 238 shares during the period. First Bank & Trust boosted its stake in shares of Cytokinetics by 4.7% in the second quarter. First Bank & Trust now owns 6,757 shares of the biopharmaceutical company's stock valued at $366,000 after purchasing an additional 303 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Cytokinetics by 2.9% in the third quarter. Nisa Investment Advisors LLC now owns 15,062 shares of the biopharmaceutical company's stock valued at $795,000 after purchasing an additional 430 shares during the period. Finally, J.Safra Asset Management Corp increased its stake in Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company's stock worth $29,000 after buying an additional 456 shares during the period.

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.