Cytokinetics (NASDAQ:CYTK) Shares Down 8.5% – Here’s What Happened

Cytokinetics, Incorporated (NASDAQ:CYTK)’s share price traded down 8.5% during mid-day trading on Thursday . The company traded as low as $46.37 and last traded at $46.11. 271,138 shares changed hands during trading, a decline of 76% from the average session volume of 1,119,671 shares. The stock had previously closed at $50.41.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Mizuho boosted their price target on Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Royal Bank of Canada increased their price objective on shares of Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. JMP Securities reiterated a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a report on Tuesday, January 14th. HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a report on Tuesday, January 21st. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.79.

Cytokinetics Stock Down 7.1 %

The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The firm’s fifty day moving average price is $48.62 and its two-hundred day moving average price is $52.55. The stock has a market cap of $5.53 billion, a price-to-earnings ratio of -8.71 and a beta of 0.83.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The company had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. The firm’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.35) EPS. Sell-side analysts forecast that Cytokinetics, Incorporated will post -5.25 earnings per share for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 397,678 shares of the company’s stock, valued at $20,186,135.28. This represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 6,342 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $58.48, for a total transaction of $370,880.16. Following the sale, the executive vice president now directly owns 113,878 shares in the company, valued at $6,659,585.44. The trade was a 5.28 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,464 shares of company stock valued at $2,025,686. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp grew its position in shares of Cytokinetics by 21.3% during the 3rd quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock valued at $3,802,000 after purchasing an additional 12,565 shares in the last quarter. Westfield Capital Management Co. LP raised its holdings in shares of Cytokinetics by 38.9% in 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 acquiring an additional 339,373 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Cytokinetics by 42.7% during the third 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. International Assets Investment Management LLC purchased a new position in Cytokinetics in the third quarter worth $558,000. Finally, Cetera Investment Advisers increased its stake in Cytokinetics by 128.5% in the second quarter. Cetera Investment Advisers now owns 27,320 shares of the biopharmaceutical company’s stock valued at $1,480,000 after acquiring an additional 15,366 shares during 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.