Needham & Company LLC Issues Positive Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Cytokinetics (NASDAQ:CYTK) had its price objective hoisted by Needham & Company LLC from $102.00 to $112.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 41.92% from the company’s current price.

CYTK has been the topic of a number of other reports. Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Truist Financial set a $106.00 price target on shares of Cytokinetics in a research report on Tuesday, May 5th. Mizuho raised their price objective on Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. UBS Group raised Cytokinetics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $69.00 to $115.00 in a report on Monday, June 29th. Finally, Morgan Stanley boosted their price objective on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $100.40.

Cytokinetics Price Performance

Shares of NASDAQ CYTK opened at $78.92 on Friday. The business has a fifty day moving average price of $78.91 and a two-hundred day moving average price of $70.86. The stock has a market capitalization of $9.82 billion, a PE ratio of -11.90 and a beta of 0.38. Cytokinetics has a fifty-two week low of $32.89 and a fifty-two week high of $88.31.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. During the same period last year, the company posted ($1.12) earnings per share. The business’s revenue for the quarter was down 57.1% compared to the same quarter last year. On average, equities analysts expect that Cytokinetics will post -6.2 EPS for the current year.

Insider Activity

In related news, EVP Andrew Callos sold 15,000 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $1,111,200.00. Following the sale, the executive vice president owned 58,555 shares of the company’s stock, valued at $4,337,754.40. The trade was a 20.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the sale, the director owned 15,784 shares of the company’s stock, valued at $1,169,278.72. The trade was a 24.06% decrease in their ownership of the stock. 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. Over the last 90 days, insiders sold 115,179 shares of company stock valued at $9,126,054. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Institutional investors have recently made changes to their positions in the stock. Woodline Partners LP boosted its stake in shares of Cytokinetics by 676.1% in the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock valued at $90,559,000 after purchasing an additional 1,435,422 shares during the last quarter. Norges Bank acquired a new position in Cytokinetics in the fourth quarter valued at $51,281,000. Deep Track Capital LP boosted its position in Cytokinetics by 17.8% during the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after acquiring an additional 650,000 shares during the last quarter. Siren L.L.C. acquired a new stake in Cytokinetics during the 1st quarter worth about $40,466,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Cytokinetics by 151,987.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock worth $35,949,000 after acquiring an additional 565,393 shares during the period.

Cytokinetics Company Profile

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.