Cytokinetics (NASDAQ:CYTK) Stock Rating Reaffirmed by Needham & Company LLC

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $108.00 target price on the biopharmaceutical company’s stock. Needham & Company LLC’s target price points to a potential upside of 68.88% from the stock’s current price.

CYTK has been the subject of a number of other reports. UBS Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $61.00 to $92.00 in a research report on Wednesday, January 24th. Truist Financial reiterated a “buy” rating and set a $86.00 price target on shares of Cytokinetics in a research report on Monday, April 8th. Mizuho dropped their price objective on shares of Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, March 6th. HC Wainwright reissued a “buy” rating and set a $94.00 price objective on shares of Cytokinetics in a research note on Wednesday. Finally, Oppenheimer reissued an “outperform” rating and set a $107.00 price objective on shares of Cytokinetics in a research note on Monday, March 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $79.33.

Cytokinetics Stock Performance

NASDAQ:CYTK traded down $1.32 during mid-day trading on Thursday, reaching $63.95. The stock had a trading volume of 151,187 shares, compared to its average volume of 2,712,205. The firm has a market capitalization of $6.69 billion, a price-to-earnings ratio of -11.63 and a beta of 0.72. Cytokinetics has a twelve month low of $25.98 and a twelve month high of $110.25. The business has a 50 day simple moving average of $67.82 and a 200 day simple moving average of $61.66.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The firm had revenue of $0.84 million for the quarter, compared to the consensus estimate of $0.91 million. During the same period last year, the firm posted ($1.38) EPS. The company’s revenue for the quarter was down 81.8% on a year-over-year basis. As a group, sell-side analysts expect that Cytokinetics will post -4.5 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director John T. Henderson sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $76.48, for a total value of $382,400.00. Following the completion of the sale, the director now directly owns 42,632 shares of the company’s stock, valued at approximately $3,260,495.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director John T. Henderson sold 5,000 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $76.48, for a total transaction of $382,400.00. Following the completion of the sale, the director now directly owns 42,632 shares of the company’s stock, valued at $3,260,495.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 32,605 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the completion of the sale, the executive vice president now owns 138,567 shares of the company’s stock, valued at approximately $10,296,913.77. The disclosure for this sale can be found here. Insiders have sold 96,318 shares of company stock worth $6,701,940 in the last quarter. 3.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Entropy Technologies LP increased its stake in Cytokinetics by 110.6% in the 1st quarter. Entropy Technologies LP now owns 19,433 shares of the biopharmaceutical company’s stock valued at $1,362,000 after buying an additional 10,205 shares during the period. ProShare Advisors LLC increased its stake in shares of Cytokinetics by 22.3% in the first quarter. ProShare Advisors LLC now owns 29,167 shares of the biopharmaceutical company’s stock worth $2,045,000 after purchasing an additional 5,313 shares during the period. US Bancorp DE lifted its holdings in shares of Cytokinetics by 67.2% during the first quarter. US Bancorp DE now owns 5,634 shares of the biopharmaceutical company’s stock worth $395,000 after buying an additional 2,265 shares during the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. raised its stake in Cytokinetics by 33.8% during the 1st quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 461,018 shares of the biopharmaceutical company’s stock valued at $32,322,000 after purchasing an additional 116,534 shares during the last quarter. Finally, Inspire Investing LLC lifted its stake in shares of Cytokinetics by 13.5% in the first quarter. Inspire Investing LLC now owns 5,087 shares of the biopharmaceutical company’s stock valued at $357,000 after buying an additional 605 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.