Needham & Company LLC Forecasts Strong Price Appreciation for Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics (NASDAQ:CYTK) had its target price upped by analysts at Needham & Company LLC from $102.00 to $112.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 41.92% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on CYTK. Truist Financial set a $106.00 target price on Cytokinetics in a research report on Tuesday, May 5th. UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $69.00 to $115.00 in a research report on Monday, June 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Friday, July 17th. Citigroup restated an “outperform” rating on shares of Cytokinetics in a research report on Friday. Finally, JPMorgan Chase & Co. raised their target price on shares of Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $100.40.

Cytokinetics Price Performance

CYTK opened at $78.92 on Friday. The stock has a market capitalization of $9.82 billion, a P/E ratio of -11.90 and a beta of 0.38. The company’s 50 day simple moving average is $78.91 and its 200-day simple moving average is $70.86. Cytokinetics has a one year low of $32.89 and a one year high of $88.31.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million during the quarter, compared to the consensus estimate of $17.59 million. During the same quarter last year, the firm earned ($1.12) EPS. The business’s revenue for the quarter was down 57.1% on a year-over-year basis. As a group, analysts anticipate that Cytokinetics will post -6.2 EPS for the current year.

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $84.92, for a total transaction of $636,900.00. Following the completion of the transaction, the chief executive officer directly owned 377,830 shares of the company’s stock, valued at $32,085,323.60. The trade was a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the sale, the director owned 15,784 shares of the company’s stock, valued at $1,169,278.72. This trade represents a 24.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 115,179 shares of company stock worth $9,126,054. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its position in Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares during the period. Kemnay Advisory Services Inc. acquired a new stake in Cytokinetics in the 4th quarter worth about $27,000. Kestra Advisory Services LLC bought a new stake in Cytokinetics in the 4th quarter valued at about $29,000. Quarry LP acquired a new position in shares of Cytokinetics during the 3rd quarter worth approximately $30,000. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of Cytokinetics during the 4th quarter worth approximately $32,000.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.