Cytokinetics (NASDAQ:CYTK) Shares Down 8.5% – Here’s Why

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) fell 8.5% during trading on Thursday . The company traded as low as $46.37 and last traded at $46.11. 271,138 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 1,119,671 shares. The stock had previously closed at $50.41.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CYTK shares. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Friday. HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a research report on Tuesday, January 21st. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Stifel Nicolaus began coverage on Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price target on the stock. Finally, Mizuho raised their price objective on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.00.

Cytokinetics Trading Down 7.4 %

The firm’s 50 day moving average is $48.32 and its two-hundred day moving average is $52.41. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. During the same period last year, the business earned ($1.35) EPS. Cytokinetics’s revenue was up 22.5% compared to the same quarter last year. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -5.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $50.55, for a total transaction of $252,750.00. Following the completion of the sale, the chief executive officer now owns 397,456 shares of the company’s stock, valued at $20,091,400.80. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $48.06, for a total value of $96,120.00. Following the completion of the transaction, the executive vice president now directly owns 116,071 shares in the company, valued at approximately $5,578,372.26. This trade represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,464 shares of company stock worth $2,025,686. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Cytokinetics

Several hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp increased its stake in Cytokinetics by 21.3% in the third quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock valued at $3,802,000 after purchasing an additional 12,565 shares in the last quarter. Westfield Capital Management Co. LP grew its stake in shares of Cytokinetics by 38.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock valued at $64,040,000 after buying an additional 339,373 shares during the period. Charles Schwab Investment Management Inc. increased its position in Cytokinetics by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock valued at $69,769,000 after buying an additional 395,709 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Cytokinetics during the 3rd quarter worth approximately $558,000. Finally, Cetera Investment Advisers raised its stake in Cytokinetics by 128.5% during the 2nd quarter. Cetera Investment Advisers now owns 27,320 shares of the biopharmaceutical company’s stock worth $1,480,000 after buying an additional 15,366 shares during the period.

Cytokinetics Company Profile

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.