Cytokinetics' (CYTK) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Cytokinetics (NASDAQ:CYTK - Free Report) in a report published on Thursday morning, Benzinga reports. They currently have a $108.00 target price on the biopharmaceutical company's stock.

Other research analysts have also recently issued research reports about the stock. Oppenheimer restated an outperform rating and issued a $107.00 price objective on shares of Cytokinetics in a research report on Monday, March 4th. Truist Financial reaffirmed a buy rating and set a $86.00 price target on shares of Cytokinetics in a research note on Monday, April 8th. HC Wainwright reissued a buy rating and set a $94.00 price objective on shares of Cytokinetics in a report on Wednesday. UBS Group lowered shares of Cytokinetics from a buy rating to a neutral rating and raised their target price for the company from $61.00 to $92.00 in a research note on Wednesday, January 24th. Finally, Mizuho dropped their price target on shares of Cytokinetics from $103.00 to $99.00 and set a buy rating for the company in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $81.60.

Cytokinetics Stock Down 1.9 %

CYTK stock traded down $1.25 during midday trading on Thursday, reaching $64.02. 2,404,735 shares of the company's stock traded hands, compared to its average volume of 2,738,094. The company has a market cap of $6.70 billion, a price-to-earnings ratio of -11.86 and a beta of 0.72. The company has a 50-day simple moving average of $67.82 and a two-hundred day simple moving average of $61.66. Cytokinetics has a 1-year low of $25.98 and a 1-year high of $110.25.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.16) by ($0.17). The company had revenue of $0.84 million during the quarter, compared to analyst estimates of $0.91 million. During the same period last year, the company earned ($1.38) earnings per share. The firm's revenue was down 81.8% compared to the same quarter last year. Equities research analysts forecast that Cytokinetics will post -4.5 EPS for the current year.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 15,547 shares of the business's stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $65.11, for a total value of $1,012,265.17. Following the completion of the sale, the executive vice president now directly owns 137,056 shares in the company, valued at approximately $8,923,716.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director John T. Henderson sold 10,562 shares of the business's stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $64.54, for a total value of $681,671.48. Following the completion of the sale, the director now directly owns 32,070 shares in the company, valued at $2,069,797.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Fady Ibraham Malik sold 15,547 shares of the firm's stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $65.11, for a total value of $1,012,265.17. Following the transaction, the executive vice president now owns 137,056 shares in the company, valued at approximately $8,923,716.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,318 shares of company stock worth $6,701,940. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CYTK. Fifth Third Bancorp grew its stake in Cytokinetics by 94.1% during the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company's stock worth $46,000 after buying an additional 318 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Cytokinetics by 96.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,463 shares of the biopharmaceutical company's stock worth $73,000 after purchasing an additional 1,209 shares during the last quarter. GAMMA Investing LLC acquired a new stake in shares of Cytokinetics in the 4th quarter valued at $80,000. Sage Rhino Capital LLC bought a new position in shares of Cytokinetics in the 4th quarter valued at $204,000. Finally, Caprock Group LLC acquired a new position in shares of Cytokinetics during the 4th quarter worth $216,000.

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.