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

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) were down 8.5% during trading on Thursday . The company traded as low as $46.37 and last traded at $46.11. Approximately 271,138 shares were traded during trading, a decline of 76% from the average daily volume of 1,119,671 shares. The stock had previously closed at $50.41.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a report on Monday, December 2nd. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research note on Tuesday, January 21st. Royal Bank of Canada boosted their price target on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research report on Tuesday, January 14th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus target price of $82.79.

Cytokinetics Stock Performance

The firm has a market cap of $5.53 billion, a price-to-earnings ratio of -8.71 and a beta of 0.83. The firm’s 50 day moving average price is $48.62 and its 200-day moving average price is $52.55. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million for the quarter, compared to analyst estimates of $1.21 million. During the same period in the prior year, the company earned ($1.35) earnings per share. The business’s revenue was up 22.5% compared to the same quarter last year. On average, analysts anticipate that Cytokinetics, Incorporated will post -5.25 earnings per share for the current year.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 6,342 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $58.48, for a total value of $370,880.16. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $50.55, for a total transaction of $252,750.00. Following the sale, the chief executive officer now owns 397,456 shares of the company’s stock, valued at approximately $20,091,400.80. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,464 shares of company stock worth $2,025,686 over the last three months. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Several large investors have recently made changes to their positions in CYTK. Charles Schwab Investment Management Inc. grew its position in Cytokinetics by 42.7% in 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 in the last quarter. Westfield Capital Management Co. LP grew 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. Checkpoint Capital L.P. raised its holdings in Cytokinetics by 145.7% during the third quarter. Checkpoint Capital L.P. now owns 466,813 shares of the biopharmaceutical company’s stock worth $24,648,000 after acquiring an additional 276,813 shares in the last quarter. Two Sigma Advisers LP bought a new position in Cytokinetics in the third quarter valued at approximately $11,336,000. Finally, Janus Henderson Group PLC increased its position in shares of Cytokinetics by 17.2% during the 3rd quarter. Janus Henderson Group PLC now owns 1,143,830 shares of the biopharmaceutical company’s stock worth $60,399,000 after purchasing an additional 167,501 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.