Short Interest in Cytokinetics, Incorporated (NASDAQ:CYTK) Rises By 8.4%

Cytokinetics, Incorporated (NASDAQ:CYTK) was the target of a significant increase in short interest in the month of June. As of June 30th, there was short interest totalling 17,380,000 shares, an increase of 8.4% from the June 15th total of 16,040,000 shares. Based on an average daily trading volume, of 1,970,000 shares, the short-interest ratio is currently 8.8 days. Approximately 15.7% of the shares of the company are short sold.

Insider Activity at Cytokinetics

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $55.82, for a total value of $279,100.00. Following the completion of the transaction, the director now owns 20,600 shares of the company’s stock, valued at approximately $1,149,892. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Robert Arthur Harrington sold 1,580 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $48.64, for a total value of $76,851.20. Following the sale, the director now owns 15,541 shares of the company’s stock, valued at $755,914.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $55.82, for a total transaction of $279,100.00. Following the transaction, the director now owns 20,600 shares of the company’s stock, valued at approximately $1,149,892. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,341 shares of company stock worth $8,079,508. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Institutional investors and hedge funds have recently made changes to their positions in the stock. J.Safra Asset Management Corp increased its holdings in Cytokinetics by 642.3% during the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 456 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Cytokinetics by 94.1% during the 1st quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock worth $46,000 after purchasing an additional 318 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of Cytokinetics in the 4th quarter valued at about $80,000. EntryPoint Capital LLC acquired a new stake in Cytokinetics in the 1st quarter valued at about $74,000. Finally, Bessemer Group Inc. grew its holdings in Cytokinetics by 25,100.0% during the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 1,255 shares during the period.

Cytokinetics Trading Down 1.3 %

NASDAQ:CYTK traded down $0.71 on Thursday, hitting $56.08. 912,775 shares of the company’s stock were exchanged, compared to its average volume of 2,587,466. The firm has a 50-day moving average price of $54.41 and a 200-day moving average price of $67.56. Cytokinetics has a 52 week low of $25.98 and a 52 week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The company had revenue of $0.84 million during the quarter, compared to analyst estimates of $0.91 million. During the same quarter in the prior year, the company posted ($1.38) earnings per share. The business’s revenue was down 81.8% compared to the same quarter last year. On average, equities analysts forecast that Cytokinetics will post -4.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CYTK. Raymond James cut their price objective on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, May 23rd. JPMorgan Chase & Co. cut their target price on shares of Cytokinetics from $77.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, June 24th. Barclays decreased their price objective on shares of Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. HC Wainwright reiterated a “buy” rating and issued a $90.00 price target on shares of Cytokinetics in a report on Monday, June 17th. Finally, Needham & Company LLC dropped their price target on shares of Cytokinetics from $108.00 to $72.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.06.

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.