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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $102.00 price target on the biopharmaceutical company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 35.62% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Barclays lifted their price target on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, April 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Morgan Stanley lifted their price target on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Truist Financial set a $106.00 price target on Cytokinetics in a report on Tuesday, May 5th. Finally, Wells Fargo & Company lifted their price target on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $99.30.

Cytokinetics Stock Up 5.4%

Shares of NASDAQ CYTK opened at $75.21 on Wednesday. The firm’s 50-day moving average price is $70.67 and its two-hundred day moving average price is $66.13. Cytokinetics has a 52-week low of $31.99 and a 52-week high of $80.20. The stock has a market capitalization of $9.36 billion, a P/E ratio of -11.00 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same period in the prior year, the business earned ($1.36) EPS. The business’s revenue was up 1112.5% on a year-over-year basis. As a group, equities research analysts expect that Cytokinetics will post -6.29 earnings per share for the current year.

Insider Activity at Cytokinetics

In related news, EVP Andrew Callos sold 15,857 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the transaction, the executive vice president owned 58,555 shares in the company, valued at $3,806,075. This trade represents a 21.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $59.62, for a total transaction of $447,150.00. Following the completion of the transaction, the chief executive officer owned 407,830 shares in the company, valued at approximately $24,314,824.60. This trade represents a 1.81% 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. Insiders have sold 113,739 shares of company stock worth $7,837,220 over the last quarter. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Kemnay Advisory Services Inc. acquired a new position in Cytokinetics in the fourth quarter worth approximately $27,000. Kestra Advisory Services LLC acquired a new position in Cytokinetics in the fourth quarter worth approximately $29,000. TD Waterhouse Canada Inc. acquired a new position in Cytokinetics in the fourth quarter worth approximately $32,000. Northwestern Mutual Wealth Management Co. grew its position in Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after buying an additional 171 shares during the last quarter. Finally, Quarry LP acquired a new position in Cytokinetics in the third quarter worth approximately $30,000.

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.