Needham Keeps Their Buy Rating on Cytokinetics Inc

By Carrie Williams

Needham analyst Alan Carr reiterated a Buy rating on Cytokinetics Inc (NASDAQ: CYTK) on September 15 and set a price target of $22. The company’s shares closed on Friday at $14.15.

According to TipRanks.com, Carr is a 4-star analyst with an average return of 7.3% and a 44.3% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, ACADIA Pharmaceuticals Inc, and Ionis Pharmaceuticals Inc.

Cytokinetics Inc has an analyst consensus of Strong Buy, with a price target consensus of $22.75.

Based on Cytokinetics Inc’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $3.05 million and GAAP net loss of $29.08 million. In comparison, last year the company earned revenue of $5.8 million and had a GAAP net loss of $11.61 million.

Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CYTK in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Cytokinetics, Inc. operates as a biopharmaceutical company, which focuses on the discovery and development of muscle activators as potential treatment for debilitating diseases. It conducts a Phase 2 clinical trials program for tirasemtiv, including a Phase 2b clinical trial in patients with ALS, known as BENEFIT-ALS (Blinded Evaluation of Neuromuscular Effects and Functional Improvement with Tirasemtiv in ALS). The company was founded on August 5, 1997 and is headquartered in South San Francisco, CA.