Cytokinetics (NASDAQ:CYTK) Shares Gap Down on Analyst Downgrade

Cytokinetics, Incorporated (NASDAQ:CYTK) shares gapped down prior to trading on Tuesday after Bank of America lowered their price target on the stock from $62.00 to $54.00. The stock had previously closed at $39.81, but opened at $38.91. Bank of America currently has a neutral rating on the stock. Cytokinetics shares last traded at $39.92, with a volume of 467,050 shares trading hands.

CYTK has been the topic of a number of other research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a report on Tuesday, April 8th. Citigroup began coverage on Cytokinetics in a research note on Friday, February 7th. They set a “buy” rating and a $86.00 price objective for the company. JMP Securities reissued a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a report on Thursday, April 10th. Stifel Nicolaus began coverage on shares of Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 target price on the stock. Finally, Royal Bank of Canada raised their price objective on shares of Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.63.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $48.06, for a total transaction of $96,120.00. Following the completion of the transaction, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at $5,578,372.26. The trade was a 1.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John T. Henderson sold 3,190 shares of Cytokinetics stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $38.66, for a total transaction of $123,325.40. Following the transaction, the director now directly owns 66,348 shares of the company’s stock, valued at approximately $2,565,013.68. This represents a 4.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 68,360 shares of company stock valued at $2,890,065. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CYTK. Jones Financial Companies Lllp grew its position in shares of Cytokinetics by 189.8% during the 4th 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 bought a new position in Cytokinetics in the fourth quarter worth approximately $29,000. Fifth Third Bancorp boosted its position in Cytokinetics by 42.2% during the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock valued at $39,000 after acquiring an additional 291 shares in the last quarter. Parallel Advisors LLC boosted its position in Cytokinetics by 500.5% during the first quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock valued at $44,000 after purchasing an additional 916 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Cytokinetics by 281.0% in the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock valued at $45,000 after purchasing an additional 826 shares during the last quarter.

Cytokinetics Stock Up 1.5 %

The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The business’s fifty day moving average price is $42.73 and its two-hundred day moving average price is $47.93. The firm has a market capitalization of $4.67 billion, a P/E ratio of -7.28 and a beta of 0.94.

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

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.