Needham & Company LLC Reaffirms Buy Rating for Cytokinetics, Incorporated (CYTK)
Cytokinetics, Incorporated (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a report released on Sunday. They presently have a $22.00 price target on the biopharmaceutical company’s stock. Needham & Company LLC’s price target points to a potential upside of 55.48% from the stock’s previous close.
Several other analysts have also issued reports on the stock. ValuEngine raised shares of Cytokinetics, from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research lowered shares of Cytokinetics, from a “buy” rating to a “hold” rating in a research report on Thursday, August 17th. Cowen and Company reissued a “buy” rating and issued a $19.00 price target on shares of Cytokinetics, in a research report on Friday, August 4th. HC Wainwright set a $26.00 price objective on shares of Cytokinetics, and gave the company a “buy” rating in a research note on Thursday, August 3rd. Finally, Morgan Stanley started coverage on shares of Cytokinetics, in a research note on Monday, July 31st. They set an “overweight” rating and a $24.00 price objective for the company. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $21.30.
Cytokinetics, (CYTK) opened at 14.15 on Friday. The firm’s market cap is $759.37 million. The firm’s 50 day moving average is $13.51 and its 200-day moving average is $13.50. Cytokinetics, has a 12 month low of $8.51 and a 12 month high of $17.20.
Cytokinetics, (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.03). Cytokinetics, had a negative net margin of 16.00% and a negative return on equity of 14.15%. The business had revenue of $3.05 million during the quarter, compared to the consensus estimate of $5.28 million. On average, equities analysts forecast that Cytokinetics, will post ($2.46) EPS for the current year.
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In other Cytokinetics, news, insider Caryn Gordon Mcdowell sold 11,348 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $12.47, for a total value of $141,509.56. Following the completion of the transaction, the insider now owns 21,570 shares of the company’s stock, valued at approximately $268,977.90. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $13.79, for a total transaction of $68,950.00. Following the completion of the transaction, the chief executive officer now directly owns 84,785 shares of the company’s stock, valued at approximately $1,169,185.15. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 164,809 shares of company stock valued at $2,412,572. 7.20% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in CYTK. State of Alaska Department of Revenue purchased a new position in Cytokinetics, in the 2nd quarter worth approximately $109,000. Municipal Employees Retirement System of Michigan purchased a new position in Cytokinetics, in the 2nd quarter worth approximately $132,000. LMR Partners LLP purchased a new position in Cytokinetics, in the 1st quarter worth approximately $156,000. BNP Paribas Arbitrage SA grew its stake in Cytokinetics, by 4,464.4% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 13,328 shares of the biopharmaceutical company’s stock worth $161,000 after buying an additional 13,036 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in Cytokinetics, by 36.8% in the 1st quarter. Bank of America Corp DE now owns 12,571 shares of the biopharmaceutical company’s stock worth $162,000 after buying an additional 3,383 shares in the last quarter. 71.51% of the stock is owned by institutional investors and hedge funds.
Cytokinetics, Company Profile
Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.
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