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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $102.00 price objective on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 35.62% from the stock’s current price.

Several other research firms have also recently weighed in on CYTK. Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Barclays lifted their price objective on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Bank of America reiterated a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Mizuho lifted their price objective on shares of Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 18th. Finally, Citigroup assumed coverage on shares of Cytokinetics in a research note on Monday, May 18th. They set a “buy” rating and a $99.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $75.21 on Wednesday. Cytokinetics has a twelve month low of $31.99 and a twelve month high of $80.20. The stock has a market cap of $9.36 billion, a price-to-earnings ratio of -11.00 and a beta of 0.42. The firm’s 50 day moving average price is $70.67 and its two-hundred day moving average price is $66.13.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. During the same quarter in the previous year, the firm posted ($1.36) earnings per share. The company’s revenue for the quarter was up 1112.5% on a year-over-year basis. On average, research analysts forecast that Cytokinetics will post -6.29 EPS for the current fiscal year.

Insider Activity at Cytokinetics

In other Cytokinetics news, Director Edward M. Md Kaye sold 2,933 shares of Cytokinetics stock in a transaction on Monday, June 1st. The shares were sold at an average price of $76.09, for a total transaction of $223,171.97. Following the completion of the sale, the director owned 10,283 shares of the company’s stock, valued at $782,433.47. This trade represents a 22.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 Cytokinetics stock in a transaction on Monday, June 1st. The shares were sold at an average price of $74.08, for a total transaction of $370,400.00. Following the sale, the director directly owned 15,784 shares of the company’s stock, valued at $1,169,278.72. This trade represents a 24.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 113,739 shares of company stock worth $7,837,220. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently modified their holdings of CYTK. Millennium Management LLC lifted its stake in shares of Cytokinetics by 361.9% in the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock valued at $11,571,000 after purchasing an additional 225,576 shares during the last quarter. Cetera Investment Advisers lifted its stake in shares of Cytokinetics by 12.4% in the 2nd quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock valued at $219,000 after purchasing an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 673 shares during the last quarter. Gabelli Funds LLC lifted its stake in shares of Cytokinetics by 29.4% in the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock valued at $278,000 after purchasing an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System lifted its stake in shares of Cytokinetics by 10.8% in the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock valued at $4,712,000 after purchasing an additional 13,911 shares during the last quarter.

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.