Cytokinetics (NASDAQ:CYTK) Trading Down 4.4% – What’s Next?

Cytokinetics, Incorporated (NASDAQ:CYTK) was down 4.4% during mid-day trading on Tuesday . The stock traded as low as $44.26 and last traded at $44.54. Approximately 218,499 shares traded hands during trading, a decline of 85% from the average daily volume of 1,478,498 shares. The stock had previously closed at $46.57.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CYTK shares. Evercore ISI raised Cytokinetics to a “strong-buy” rating in a report on Friday, February 7th. HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research report on Friday, February 28th. Royal Bank of Canada lifted their target price on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Citigroup initiated coverage on shares of Cytokinetics in a research note on Friday, February 7th. They issued a “buy” rating and a $86.00 price target on the stock. Finally, Morgan Stanley set a $67.00 price objective on Cytokinetics in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.00.

Cytokinetics Price Performance

The firm has a market cap of $5.22 billion, a P/E ratio of -8.18 and a beta of 0.95. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The business’s 50 day moving average is $45.96 and its two-hundred day moving average is $49.82.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) EPS for the quarter, beating the consensus estimate of ($1.29) by $0.03. The business had revenue of $16.93 million for the quarter, compared to the consensus estimate of $14.26 million. As a group, analysts anticipate that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Insider Transactions at Cytokinetics

In other news, EVP Andrew Callos sold 3,341 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $43.27, for a total transaction of $144,565.07. Following the transaction, the executive vice president now owns 64,434 shares of the company’s stock, valued at $2,788,059.18. This represents a 4.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $45.92, for a total value of $91,840.00. Following the completion of the sale, the executive vice president now owns 116,071 shares of the company’s stock, valued at approximately $5,329,980.32. This represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,834 shares of company stock valued at $1,949,275 in the last quarter. 3.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harvey Capital Management Inc. acquired a new position in shares of Cytokinetics during the fourth quarter worth approximately $1,040,000. Westfield Capital Management Co. LP increased its stake in Cytokinetics by 38.9% during 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 purchasing an additional 339,373 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Cytokinetics by 42.7% during 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 purchasing an additional 395,709 shares during the last quarter. abrdn plc boosted its stake in Cytokinetics by 29.4% during the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock valued at $21,192,000 after purchasing an additional 102,457 shares during the last quarter. Finally, AlphaQuest LLC increased its holdings in Cytokinetics by 113,500.0% during the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 1,135 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.