Cytokinetics (NASDAQ:CYTK) Sets New 52-Week Low Following Insider Selling

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price reached a new 52-week low during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $45.17 and last traded at $45.47, with a volume of 328043 shares traded. The stock had previously closed at $47.37.

Specifically, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $49.32, for a total value of $98,640.00. Following the sale, the executive vice president now owns 116,071 shares of the company’s stock, valued at $5,724,621.72. This trade represents a 1.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CYTK. Needham & Company LLC restated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Monday, December 2nd. Royal Bank of Canada raised their price objective on shares of Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, December 18th. HC Wainwright reiterated a “buy” rating on shares of Cytokinetics in a research note on Friday. Mizuho increased their target price on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $83.64.

Cytokinetics Stock Down 1.6 %

The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of -8.67 and a beta of 0.82. The firm has a fifty day moving average price of $50.42 and a 200 day moving average price of $53.48.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The company had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. The company’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.35) earnings per share. As a group, sell-side analysts expect that Cytokinetics, Incorporated will post -5.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Harbor Capital Advisors Inc. grew its stake in Cytokinetics by 6.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 45,130 shares of the biopharmaceutical company’s stock valued at $2,123,000 after acquiring an additional 2,604 shares during the last quarter. Exome Asset Management LLC acquired a new stake in shares of Cytokinetics in the third quarter valued at approximately $3,093,000. Retirement Systems of Alabama increased its stake in shares of Cytokinetics by 1.0% during the 3rd quarter. Retirement Systems of Alabama now owns 142,930 shares of the biopharmaceutical company’s stock worth $7,547,000 after purchasing an additional 1,414 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Cytokinetics by 12.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 56,885 shares of the biopharmaceutical company’s stock worth $3,003,000 after purchasing an additional 6,300 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Cytokinetics by 4.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock valued at $150,433,000 after buying an additional 109,938 shares in the last quarter.

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.