Needham & Company LLC Reiterates Buy Rating for Cytokinetics (NASDAQ:CYTK)

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

CYTK has been the subject of several other reports. Morgan Stanley set a $67.00 price target on Cytokinetics in a report on Friday, March 7th. HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a research report on Monday, April 21st. Citigroup assumed coverage on shares of Cytokinetics in a research report on Friday, February 7th. They set a “buy” rating and a $86.00 price target on the stock. Stifel Nicolaus initiated coverage on shares of Cytokinetics in a report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price objective for the company. Finally, Barclays started coverage on shares of Cytokinetics in a report on Thursday, April 24th. They set an “overweight” rating and a $55.00 target price on the stock. Three 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $76.88.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $37.35 on Friday. The company has a market cap of $4.45 billion, a P/E ratio of -6.94 and a beta of 0.81. The firm’s fifty day moving average price is $41.35 and its two-hundred day moving average price is $46.62. Cytokinetics has a one year low of $32.74 and a one year high of $68.44. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) EPS for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. The company had revenue of $16.93 million during the quarter, compared to analyst estimates of $14.26 million. Equities analysts expect that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $45.98, for a total value of $91,960.00. Following the completion of the transaction, the executive vice president now owns 116,071 shares of the company’s stock, valued at $5,336,944.58. This represents a 1.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Andrew Callos sold 3,341 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was 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. In the last three months, insiders have sold 93,360 shares of company stock valued at $3,848,445. 2.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors have recently added to or reduced their stakes in the business. Harvey Capital Management Inc. bought a new stake in shares of Cytokinetics in the fourth quarter worth $1,040,000. abrdn plc grew its position in shares of Cytokinetics by 29.4% in the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock valued at $21,192,000 after buying an additional 102,457 shares during the last quarter. AlphaQuest LLC raised its position in shares of Cytokinetics by 113,500.0% during the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock worth $53,000 after acquiring an additional 1,135 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Cytokinetics by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock worth $560,520,000 after acquiring an additional 154,216 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Cytokinetics by 1.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company’s stock valued at $62,807,000 after acquiring an additional 13,798 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.