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

Needham & Company LLC restated their buy rating on shares of Cytokinetics (NASDAQ:CYTK - Free Report) in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a $72.00 target price on the biopharmaceutical company's stock.

Several other research analysts have also recently weighed in on the company. Royal Bank of Canada boosted their price target on Cytokinetics from $80.00 to $82.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 18th. Evercore ISI raised Cytokinetics to a "strong-buy" rating in a research report on Friday, February 7th. Morgan Stanley set a $67.00 price target on shares of Cytokinetics in a report on Friday, March 7th. JMP Securities reissued a "market outperform" rating and set a $78.00 price objective on shares of Cytokinetics in a report on Friday, February 7th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $120.00 target price on shares of Cytokinetics in a research report on Friday, April 4th. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.00.

Cytokinetics Stock Up 2.1 %

Shares of CYTK traded up $0.80 during trading hours on Tuesday, hitting $38.65. The company had a trading volume of 2,450,299 shares, compared to its average volume of 1,583,353. Cytokinetics has a 52-week low of $32.74 and a 52-week high of $73.76. The firm has a fifty day moving average price of $43.17 and a 200-day moving average price of $48.18. The stock has a market capitalization of $4.58 billion, a price-to-earnings ratio of -7.18 and a beta of 0.94. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28.

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Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.29) by $0.03. The firm had revenue of $16.93 million during the quarter, compared to the consensus estimate of $14.26 million. On average, equities research analysts forecast that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 2,000 shares of the company's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $48.06, for a total transaction of $96,120.00. Following the sale, the executive vice president now directly owns 116,071 shares in the company, valued at approximately $5,578,372.26. This represents a 1.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Andrew Callos sold 3,341 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $43.27, for a total value of $144,565.07. Following the sale, the executive vice president now owns 64,434 shares in the company, valued at approximately $2,788,059.18. This trade represents a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,170 shares of company stock valued at $2,766,739 in the last ninety days. Corporate insiders own 3.40% of the company's stock.

Institutional Trading of Cytokinetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CYTK. Vanguard Group Inc. grew its stake in shares of Cytokinetics by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company's stock valued at $560,520,000 after buying an additional 154,216 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its position in Cytokinetics by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company's stock valued at $505,780,000 after acquiring an additional 1,062,136 shares during the last quarter. Geode Capital Management LLC increased its stake in Cytokinetics by 4.0% in the third quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company's stock worth $150,433,000 after purchasing an additional 109,938 shares during the period. Deep Track Capital LP lifted its position in shares of Cytokinetics by 296.9% during the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock worth $117,600,000 after purchasing an additional 1,870,094 shares during the last quarter. Finally, Vestal Point Capital LP boosted its stake in shares of Cytokinetics by 56.7% during 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 purchasing an additional 850,000 shares during the period.

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.