Cytokinetics (NASDAQ:CYTK) Earns "Buy" Rating from Needham & Company LLC

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

A number of other research analysts have also recently commented on CYTK. JMP Securities restated a "market outperform" rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Thursday, April 10th. Evercore ISI raised shares of Cytokinetics to a "strong-buy" rating in a research report on Friday, February 7th. Bank of America dropped their target price on Cytokinetics from $62.00 to $54.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Citigroup began coverage on Cytokinetics in a report on Friday, February 7th. They issued a "buy" rating and a $86.00 price target for the company. Finally, Stifel Nicolaus assumed coverage on Cytokinetics in a report on Wednesday, January 22nd. They set a "buy" rating and a $80.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $76.88.

Cytokinetics Trading Down 13.0 %

Shares of Cytokinetics stock traded down $5.57 during trading hours on Friday, reaching $37.35. The stock had a trading volume of 9,030,417 shares, compared to its average volume of 1,643,947. The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of -6.94 and a beta of 0.94. Cytokinetics has a 1 year low of $32.74 and a 1 year high of $68.44. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. The firm has a 50 day simple moving average of $41.35 and a two-hundred day simple moving average of $46.62.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, beating analysts' consensus estimates of ($1.29) by $0.03. The business had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million. As a group, equities research analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Buying and Selling

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 shares were 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 in the company, valued at approximately $5,336,944.58. This represents a 1.69 % decrease in their position. The transaction 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 stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $43.27, for a total value of $144,565.07. Following the completion of the transaction, the executive vice president now directly owns 64,434 shares of the company's stock, valued at $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 90 days, insiders have sold 93,360 shares of company stock valued at $3,848,445. Insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Retirement Systems of Alabama lifted its stake in shares of Cytokinetics by 1.0% in the 3rd quarter. Retirement Systems of Alabama now owns 142,930 shares of the biopharmaceutical company's stock worth $7,547,000 after acquiring an additional 1,414 shares during the period. Harbor Capital Advisors Inc. lifted its position in Cytokinetics by 6.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 45,130 shares of the biopharmaceutical company's stock worth $2,123,000 after purchasing an additional 2,604 shares during the period. Mirador Capital Partners LP lifted its holdings in shares of Cytokinetics by 1.6% in the fourth quarter. Mirador Capital Partners LP now owns 65,636 shares of the biopharmaceutical company's stock valued at $3,088,000 after buying an additional 1,010 shares during the period. Inspire Investing LLC boosted its stake in Cytokinetics by 7.8% during the fourth quarter. Inspire Investing LLC now owns 8,504 shares of the biopharmaceutical company's stock valued at $400,000 after buying an additional 616 shares in the last quarter. Finally, Blue Trust Inc. raised its position in Cytokinetics by 85.8% in the fourth quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company's stock worth $86,000 after acquiring an additional 842 shares in the last quarter.

About Cytokinetics

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.