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

Cytokinetics, Incorporated (NASDAQ:CYTK)’s share price gapped down prior to trading on Friday . The stock had previously closed at $47.45, but opened at $44.36. Cytokinetics shares last traded at $46.11, with a volume of 171,756 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CYTK shares. Royal Bank of Canada raised their price objective on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Mizuho lifted their target price on shares of Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Evercore ISI raised Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Citigroup assumed coverage on Cytokinetics in a research report on Friday, February 7th. They issued a “buy” rating and a $86.00 price objective on the stock. Finally, JMP Securities restated a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a report on Friday, February 7th. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $82.00.

Cytokinetics Stock Performance

The business’s 50-day simple moving average is $47.28 and its 200 day simple moving average is $51.36. The firm has a market cap of $5.43 billion, a P/E ratio of -8.55 and a beta of 0.83. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($1.26) EPS for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to analysts’ expectations of $14.26 million. As a group, equities analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Insider Activity

In other news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $50.76, for a total transaction of $253,800.00. Following the transaction, the chief executive officer now owns 397,678 shares in the company, valued at $20,186,135.28. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Wendall Wierenga sold 742 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $48.61, for a total transaction of $36,068.62. Following the sale, the director now directly owns 24,559 shares of the company’s stock, valued at approximately $1,193,812.99. The trade was a 2.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,822 shares of company stock valued at $1,127,848 in the last quarter. 3.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cytokinetics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp increased its position in Cytokinetics by 189.8% in the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 374 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Cytokinetics during the 4th quarter valued at about $29,000. Blue Trust Inc. grew its stake in shares of 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 acquiring an additional 680 shares during the period. AlphaQuest LLC grew its stake in shares of Cytokinetics by 113,500.0% during the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after acquiring an additional 1,135 shares during the period. Finally, J.Safra Asset Management Corp increased its holdings in Cytokinetics by 62.1% in the 4th quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company’s stock worth $83,000 after acquiring an additional 671 shares in the last quarter.

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.