Cytokinetics (NASDAQ:CYTK) Trading Down 4.4% – Here’s Why

Cytokinetics, Incorporated (NASDAQ:CYTK)’s share price traded down 4.4% on Tuesday . The stock traded as low as $44.26 and last traded at $44.54. 218,499 shares changed hands during trading, a decline of 85% from the average session volume of 1,478,498 shares. The stock had previously closed at $46.57.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CYTK shares. JMP Securities restated a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research report on Friday, February 7th. Evercore ISI raised Cytokinetics to a “strong-buy” rating in a research note on Friday, February 7th. Morgan Stanley set a $67.00 price objective on shares of Cytokinetics in a research report on Friday, March 7th. Needham & Company LLC reissued a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Thursday, February 6th. Finally, Citigroup assumed coverage on Cytokinetics in a research note on Friday, February 7th. They issued a “buy” rating and a $86.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.00.

Cytokinetics Stock Down 0.2 %

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 stock has a market cap of $5.16 billion, a PE ratio of -8.09 and a beta of 0.95. The firm has a fifty day moving average of $45.88 and a 200 day moving average of $49.71.

Cytokinetics (NASDAQ:CYTK) last released 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 business had revenue of $16.93 million during the quarter, compared to analysts’ expectations of $14.26 million. On average, equities research analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In related news, EVP Andrew Callos sold 3,341 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $43.27, for a total transaction of $144,565.07. Following the completion of the sale, the executive vice president now directly owns 64,434 shares of the company’s stock, valued at $2,788,059.18. This trade represents a 4.93 % decrease in their ownership of the stock. The sale 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 on Tuesday, January 21st. The stock was sold at an average price of $45.92, for a total transaction 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 $5,329,980.32. This trade represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,834 shares of company stock worth $1,949,275 over the last 90 days. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds have recently added to or reduced their stakes in the company. Deep Track Capital LP grew its holdings in Cytokinetics by 296.9% during the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock worth $117,600,000 after acquiring an additional 1,870,094 shares during the period. Capital International Investors acquired a new position in Cytokinetics in the 4th quarter valued at about $51,564,000. T. Rowe Price Investment Management Inc. lifted its holdings in Cytokinetics by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company’s stock valued at $505,780,000 after purchasing an additional 1,062,136 shares in the last quarter. Norges Bank acquired a new stake in shares of Cytokinetics during the 4th quarter worth about $46,556,000. Finally, Vestal Point Capital LP grew its holdings in shares of Cytokinetics by 56.7% during the fourth quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company’s stock worth $110,544,000 after buying an additional 850,000 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.