Cytokinetics (NASDAQ:CYTK) Shares Up 7.4% – Here’s Why

Cytokinetics, Incorporated (NASDAQ:CYTK) shares shot up 7.4% during mid-day trading on Thursday . The company traded as high as $49.51 and last traded at $49.85. 917,938 shares were traded during trading, a decline of 40% from the average session volume of 1,531,931 shares. The stock had previously closed at $46.40.

Wall Street Analysts Forecast Growth

CYTK has been the subject of a number of research reports. Royal Bank of Canada lifted their price target on Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 18th. Evercore ISI raised Cytokinetics to a “strong-buy” rating in a report on Friday, February 7th. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research note on Tuesday, January 21st. Stifel Nicolaus initiated coverage on shares of Cytokinetics in a report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 price target on the stock. Finally, Morgan Stanley raised shares of Cytokinetics from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $70.00 to $67.00 in a research report on Thursday, February 13th. Two investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $82.00.

Cytokinetics Stock Performance

The firm’s fifty day moving average price is $47.24 and its 200-day moving average price is $51.56. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. The company has a market cap of $5.86 billion, a P/E ratio of -9.23 and a beta of 0.83.

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $50.76, for a total value of $253,800.00. Following the completion of the sale, the chief executive officer now owns 397,678 shares in the company, valued at approximately $20,186,135.28. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $50.16, for a total transaction of $366,168.00. Following the transaction, the executive vice president now owns 111,878 shares in the company, valued at $5,611,800.48. The trade was a 6.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,122 shares of company stock worth $1,494,016 over the last three months. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Creative Planning raised its position in shares of Cytokinetics by 50.5% during the third quarter. Creative Planning now owns 23,666 shares of the biopharmaceutical company’s stock worth $1,250,000 after acquiring an additional 7,939 shares during the last quarter. Blue Trust Inc. lifted its position in Cytokinetics by 225.9% during the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 680 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Cytokinetics by 6.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 93,299 shares of the biopharmaceutical company’s stock valued at $4,926,000 after purchasing an additional 5,487 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Cytokinetics in the 3rd quarter valued at about $558,000. Finally, Values First Advisors Inc. acquired a new stake in shares of Cytokinetics during the 3rd quarter worth approximately $54,000.

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.