Needham & Company LLC Reiterates “Buy” Rating for Cytokinetics, Incorporated (CYTK)

Needham & Company LLC reissued their buy rating on shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in a research note released on Sunday. They currently have a $22.00 price target on the biopharmaceutical company’s stock.

CYTK has been the topic of a number of other reports. Seaport Global Securities reissued a buy rating and issued a $24.00 price objective on shares of Cytokinetics, in a research report on Friday, October 6th. Zacks Investment Research raised shares of Cytokinetics, from a hold rating to a buy rating and set a $14.00 price objective on the stock in a research report on Tuesday, July 11th. Cowen and Company reissued a buy rating and issued a $19.00 price objective on shares of Cytokinetics, in a research report on Friday, August 4th. Cantor Fitzgerald reissued a buy rating and issued a $21.00 price objective on shares of Cytokinetics, in a research report on Tuesday, September 26th. Finally, Morgan Stanley reissued an overweight rating and issued a $25.00 price objective (up from $24.00) on shares of Cytokinetics, in a research report on Friday, October 6th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Cytokinetics, presently has an average rating of Buy and a consensus target price of $21.60.

Cytokinetics, (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, October 26th. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.64) by $0.04. Cytokinetics, had a negative net margin of 172.27% and a negative return on equity of 62.64%. The company had revenue of $6.18 million for the quarter, compared to analyst estimates of $5.35 million.

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In other news, insider Caryn Gordon Mcdowell sold 11,348 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $12.47, for a total transaction of $141,509.56. Following the transaction, the insider now directly owns 21,570 shares of the company’s stock, valued at $268,977.90. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $14.59, for a total transaction of $72,950.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 172,990 shares of company stock worth $2,560,046. Corporate insiders own 7.20% of the company’s stock.

Several large investors have recently modified their holdings of the company. Parametric Portfolio Associates LLC increased its position in shares of Cytokinetics, by 1.4% during the first quarter. Parametric Portfolio Associates LLC now owns 13,333 shares of the biopharmaceutical company’s stock worth $171,000 after acquiring an additional 189 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Cytokinetics, by 0.8% during the second quarter. PNC Financial Services Group Inc. now owns 84,509 shares of the biopharmaceutical company’s stock worth $1,022,000 after acquiring an additional 688 shares during the period. American International Group Inc. increased its position in shares of Cytokinetics, by 7.1% during the first quarter. American International Group Inc. now owns 20,852 shares of the biopharmaceutical company’s stock worth $268,000 after acquiring an additional 1,380 shares during the period. ProShare Advisors LLC increased its position in shares of Cytokinetics, by 7.5% during the second quarter. ProShare Advisors LLC now owns 27,501 shares of the biopharmaceutical company’s stock worth $333,000 after acquiring an additional 1,926 shares during the period. Finally, UBS Group AG increased its position in shares of Cytokinetics, by 16.9% during the first quarter. UBS Group AG now owns 14,281 shares of the biopharmaceutical company’s stock worth $183,000 after acquiring an additional 2,060 shares during the period. 70.94% of the stock is currently owned by institutional investors and hedge funds.

About Cytokinetics,

Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.

Analyst Recommendations for Cytokinetics, (NASDAQ:CYTK)

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