Needham Upgrades Cytokinetics to Strong Buy

Brokerage firm Needham Upgrades its rating on Cytokinetics(CYTK). The shares have been rated Strong Buy. Previously, the analysts had a Buy rating on the shares. The rating by Needham was issued on Feb 6, 2017.

Cytokinetics (CYTK) made into the market gainers list on Tuesdays trading session with the shares advancing 0.43% or 0.05 points. Due to strong positive momentum, the stock ended at $11.7, which is also near the day’s high of $11.875. The stock began the session at $11.65 and the volume stood at 2,85,262 shares. The 52-week high of the shares is $13.445 and the 52 week low is $6.0003. The company has a current market capitalization of $474 M and it has 4,05,16,892 shares in outstanding.

Cytokinetics(CYTK) last announced its earnings results on Oct 27, 2016 for Fiscal Year 2016 and Q3.Company reported revenue of $59.05M. Analysts had an estimated revenue of $8.44M. Earnings per share were $0.74. The reported EPS was above estimates by $1.03 or 355.17%. Analysts had estimated an EPS of $-0.29.

Several Insider Transactions has been reported to the SEC. On Sep 1, 2015, L Patrick Gage (director) purchased 1,000 shares at $6.95 per share price.Also, On Mar 13, 2015, Andrew A Wolff (SVP & CMO) sold 21,875 shares at $7.81 per share price.

Cytokinetics Incorporated is a clinical stage biopharmaceutical company. The Company is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions. The Company’s drug candidates that are in clinical development are its skeletal muscle activators tirasemtiv and CK-2127107 and its cardiac muscle activator omecamtiv mecarbil. Tirasemtiv and CK-2127107 are structurally distinct and selective small molecules that activate the fast skeletal muscle troponin complex in the sarcomere by increasing its sensitivity to calcium leading to an increase in skeletal muscle contractility. COSMIC-HF (Chronic Oral Study of Myosin Activation to Increase Contractility in Heart Failure) is a Phase II clinical trial designed to assess the pharmacokinetics and tolerability of omecamtiv mecarbil dosed orally in patients with heart failure and left ventricular systolic dysfunction.

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