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

Cytokinetics (NASDAQ:CYTK - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Needham & Company LLC in a research report issued on Tuesday, Benzinga reports. They currently have a $108.00 target price on the biopharmaceutical company's stock. Needham & Company LLC's price objective suggests a potential upside of 43.90% from the stock's current price.

Several other research analysts have also recently weighed in on CYTK. Mizuho decreased their price target on Cytokinetics from $103.00 to $99.00 and set a "buy" rating for the company in a research note on Wednesday, March 6th. Raymond James upped their price objective on Cytokinetics from $63.00 to $92.00 and gave the company an "outperform" rating in a research report on Thursday, December 28th. Oppenheimer reaffirmed an "outperform" rating and set a $107.00 target price on shares of Cytokinetics in a research note on Monday, March 4th. UBS Group cut Cytokinetics from a "buy" rating to a "neutral" rating and upped their target price for the company from $61.00 to $92.00 in a research note on Wednesday, January 24th. Finally, HC Wainwright reissued a "buy" rating and issued a $94.00 price objective on shares of Cytokinetics in a research note on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $79.33.

Cytokinetics Stock Up 1.2 %

Shares of NASDAQ CYTK traded up $0.86 during trading hours on Tuesday, reaching $75.05. 1,224,444 shares of the stock traded hands, compared to its average volume of 3,249,140. The company has a market capitalization of $7.73 billion, a P/E ratio of -13.61 and a beta of 0.68. Cytokinetics has a 52-week low of $25.98 and a 52-week high of $110.25. The company's 50-day simple moving average is $72.69 and its two-hundred day simple moving average is $56.37.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings results on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.35). The company had revenue of $1.70 million during the quarter, compared to analyst estimates of $7.62 million. Cytokinetics's revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.45) EPS. As a group, sell-side analysts forecast that Cytokinetics will post -4.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Fady Ibraham Malik sold 32,604 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $67.56, for a total value of $2,202,726.24. Following the sale, the executive vice president now directly owns 138,973 shares in the company, valued at $9,389,015.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cytokinetics news, CEO Robert I. Blum sold 12,500 shares of Cytokinetics stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $81.42, for a total transaction of $1,017,750.00. Following the sale, the chief executive officer now directly owns 441,797 shares in the company, valued at approximately $35,971,111.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 32,604 shares of Cytokinetics stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $67.56, for a total value of $2,202,726.24. Following the completion of the transaction, the executive vice president now owns 138,973 shares of the company's stock, valued at approximately $9,389,015.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 132,814 shares of company stock worth $10,031,655. 3.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Belpointe Asset Management LLC raised its position in shares of Cytokinetics by 76.2% during the first quarter. Belpointe Asset Management LLC now owns 786 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 340 shares during the period. Advisory Services Network LLC bought a new stake in shares of Cytokinetics during the 4th quarter worth about $79,000. GAMMA Investing LLC acquired a new position in shares of Cytokinetics during the 4th quarter worth about $80,000. Natixis acquired a new position in shares of Cytokinetics during the 4th quarter worth about $73,000. Finally, Chilton Capital Management LLC acquired a new position in shares of Cytokinetics during the 1st quarter worth about $80,000.

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.