Needham & Company LLC Lowers Cytokinetics (NASDAQ:CYTK) Price Target to $72.00

Cytokinetics (NASDAQ:CYTK) had its price target reduced by Needham & Company LLC from $108.00 to $72.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

A number of other research analysts also recently issued reports on CYTK. Oppenheimer reduced their price objective on shares of Cytokinetics from $107.00 to $106.00 and set an outperform rating on the stock in a research report on Thursday, May 9th. UBS Group downgraded shares of Cytokinetics from a buy rating to a neutral rating and boosted their price objective for the company from $61.00 to $92.00 in a research report on Wednesday, January 24th. HC Wainwright reissued a buy rating and set a $94.00 price objective on shares of Cytokinetics in a research report on Tuesday, May 14th. JMP Securities reduced their price objective on shares of Cytokinetics from $110.00 to $106.00 and set a market outperform rating on the stock in a research report on Thursday, May 9th. Finally, Truist Financial reissued a buy rating and set a $86.00 price objective on shares of Cytokinetics in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $77.47.

Cytokinetics Stock Down 1.4 %

Shares of NASDAQ CYTK opened at $48.30 on Thursday. Cytokinetics has a 52 week low of $25.98 and a 52 week high of $110.25. The firm’s fifty day moving average is $65.80 and its 200 day moving average is $63.94. The company has a market cap of $5.06 billion, a price-to-earnings ratio of -8.94 and a beta of 0.72.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The company had revenue of $0.84 million for the quarter, compared to the consensus estimate of $0.91 million. During the same quarter last year, the firm posted ($1.38) earnings per share. The firm’s revenue for the quarter was down 81.8% compared to the same quarter last year. Equities research analysts anticipate that Cytokinetics will post -4.55 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Fady Ibraham Malik sold 32,604 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now owns 138,973 shares in the company, valued at approximately $9,389,015.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Fady Ibraham Malik sold 32,604 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now owns 138,973 shares in the company, valued at approximately $9,389,015.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John T. Henderson sold 10,562 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $64.54, for a total transaction of $681,671.48. Following the completion of the transaction, the director now owns 32,070 shares in the company, valued at approximately $2,069,797.80. The disclosure for this sale can be found here. Insiders have sold a total of 91,318 shares of company stock worth $6,319,540 in the last quarter. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently bought and sold shares of CYTK. Teacher Retirement System of Texas lifted its stake in Cytokinetics by 4.8% during the 3rd quarter. Teacher Retirement System of Texas now owns 25,809 shares of the biopharmaceutical company’s stock valued at $760,000 after acquiring an additional 1,175 shares during the period. California Public Employees Retirement System lifted its stake in Cytokinetics by 6.5% during the 3rd quarter. California Public Employees Retirement System now owns 135,721 shares of the biopharmaceutical company’s stock valued at $3,998,000 after acquiring an additional 8,320 shares during the period. Victory Capital Management Inc. lifted its stake in Cytokinetics by 6.9% during the 3rd quarter. Victory Capital Management Inc. now owns 16,806 shares of the biopharmaceutical company’s stock valued at $495,000 after acquiring an additional 1,091 shares during the period. Arizona State Retirement System lifted its stake in Cytokinetics by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 25,870 shares of the biopharmaceutical company’s stock valued at $762,000 after acquiring an additional 363 shares during the period. Finally, Jump Financial LLC lifted its stake in Cytokinetics by 16.4% during the 3rd quarter. Jump Financial LLC now owns 13,085 shares of the biopharmaceutical company’s stock valued at $385,000 after acquiring an additional 1,845 shares during the period.

About Cytokinetics

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.