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

Key Points

• Cytokinetics has received a "buy" rating from Needham & Company LLC, with a target price of $72.00, indicating a potential upside of 103.79% from the company's previous close.
• Other analysts have mixed ratings, with JPMorgan Chase reducing their target from $71.00 to $53.00 and Cantor Fitzgerald upgrading the stock to "strong-buy."
• Cytokinetics recently reported earnings of ($1.12) per share, outperforming estimates, with a significant revenue increase of 26727.3% year-over-year.

Cytokinetics (NASDAQ:CYTK - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They presently have a $72.00 target price on the biopharmaceutical company's stock. Needham & Company LLC's price target points to a potential upside of 103.79% from the company's previous close.

Several other equities research analysts have also recently issued reports on the company. JPMorgan Chase & Co. reduced their target price on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a report on Monday, June 9th. Cantor Fitzgerald raised Cytokinetics to a "strong-buy" rating in a research note on Tuesday, May 13th. Citigroup reduced their price objective on Cytokinetics from $80.00 to $77.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Mizuho reduced their price objective on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. Finally, Wall Street Zen raised Cytokinetics from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Cytokinetics presently has a consensus rating of "Moderate Buy" and a consensus price target of $71.58.

Cytokinetics Trading Down 5.4%

Shares of CYTK stock opened at $35.33 on Tuesday. Cytokinetics has a 12-month low of $29.31 and a 12-month high of $59.39. The stock's 50-day moving average price is $36.25 and its 200-day moving average price is $37.55. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of -6.93 and a beta of 0.62.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million during the quarter, compared to the consensus estimate of $1.95 million. During the same period last year, the firm posted ($1.31) earnings per share. The company's revenue for the quarter was up 26727.3% compared to the same quarter last year. As a group, research analysts predict that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $36.45, for a total transaction of $182,250.00. Following the completion of the sale, the chief executive officer owned 388,108 shares in the company, valued at $14,146,536.60. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Edward M. Md Kaye sold 3,636 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $32.10, for a total value of $116,715.60. Following the sale, the director owned 29,658 shares of the company's stock, valued at approximately $952,021.80. This represents a 10.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,295 shares of company stock worth $1,227,910 over the last three months. Company insiders own 3.40% of the company's stock.

Institutional Trading of Cytokinetics

A number of hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. purchased a new stake in shares of Cytokinetics during the 4th quarter valued at $254,000. GAMMA Investing LLC raised its stake in Cytokinetics by 281.0% in the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock valued at $45,000 after buying an additional 826 shares during the last quarter. HighTower Advisors LLC raised its stake in Cytokinetics by 21.8% in the first quarter. HighTower Advisors LLC now owns 11,352 shares of the biopharmaceutical company's stock valued at $456,000 after buying an additional 2,029 shares during the last quarter. Cetera Investment Advisers boosted its holdings in Cytokinetics by 29.7% in the first quarter. Cetera Investment Advisers now owns 5,904 shares of the biopharmaceutical company's stock worth $237,000 after acquiring an additional 1,353 shares in the last quarter. Finally, Two Sigma Advisers LP grew its stake in shares of Cytokinetics by 5.4% during the fourth quarter. Two Sigma Advisers LP now owns 226,400 shares of the biopharmaceutical company's stock worth $10,650,000 after acquiring an additional 11,700 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.

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