Cytokinetics (NASDAQ:CYTK) Sets New 12-Month Low on Insider Selling

Cytokinetics, Incorporated (NASDAQ:CYTK) reached a new 52-week low on Monday following insider selling activity. The stock traded as low as $39.81 and last traded at $40.12, with a volume of 685480 shares traded. The stock had previously closed at $43.19.

Specifically, CEO Robert I. Blum sold 15,000 shares of Cytokinetics stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $40.75, for a total value of $611,250.00. Following the completion of the transaction, the chief executive officer now owns 427,629 shares in the company, valued at approximately $17,425,881.75. This trade represents a 3.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

A number of research analysts recently issued reports on CYTK shares. HC Wainwright reiterated a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research note on Friday, February 28th. Evercore ISI upgraded shares of Cytokinetics to a “strong-buy” rating in a research note on Friday, February 7th. Royal Bank of Canada increased their target price on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, December 18th. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a report on Friday, February 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a report on Thursday, February 6th. Two research 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $82.00.

Cytokinetics Trading Up 7.9 %

The company has a 50 day simple moving average of $45.47 and a 200 day simple moving average of $49.29. 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 stock has a market capitalization of $4.79 billion, a PE ratio of -7.52 and a beta of 0.95.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) EPS for the quarter, topping the consensus estimate of ($1.29) by $0.03. The company had revenue of $16.93 million for the quarter, compared to analysts’ expectations of $14.26 million. Analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Institutional Trading of Cytokinetics

Several hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its holdings in Cytokinetics by 23.6% during the third quarter. The Manufacturers Life Insurance Company now owns 214,832 shares of the biopharmaceutical company’s stock worth $11,343,000 after purchasing an additional 41,057 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cytokinetics by 19.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,376 shares of the biopharmaceutical company’s stock worth $1,393,000 after buying an additional 4,282 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Cytokinetics in the 3rd quarter valued at approximately $3,164,000. HighVista Strategies LLC purchased a new stake in shares of Cytokinetics in the third quarter valued at approximately $531,000. Finally, Janus Henderson Group PLC boosted its stake in shares of Cytokinetics by 17.2% in the third quarter. Janus Henderson Group PLC now owns 1,143,830 shares of the biopharmaceutical company’s stock valued at $60,399,000 after buying an additional 167,501 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.