Cytokinetics, Incorporated (NASDAQ:CYTK) Short Interest Up 15.7% in May

Cytokinetics, Incorporated (NASDAQ:CYTK) was the target of a large increase in short interest during the month of May. As of May 31st, there was short interest totalling 16,420,000 shares, an increase of 15.7% from the May 15th total of 14,190,000 shares. Based on an average daily volume of 2,290,000 shares, the short-interest ratio is currently 7.2 days. Currently, 14.9% of the company’s shares are short sold.

Insider Activity

In related news, EVP Fady Ibraham Malik sold 32,605 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the completion of the sale, the executive vice president now directly owns 138,567 shares of the company’s stock, valued at approximately $10,296,913.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total value of $2,422,877.55. Following the completion of the transaction, the executive vice president now directly owns 138,567 shares in the company, valued at $10,296,913.77. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John T. Henderson sold 10,562 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $64.54, for a total transaction of $681,671.48. Following the transaction, the director now owns 32,070 shares of the company’s stock, valued at approximately $2,069,797.80. The disclosure for this sale can be found here. Insiders have sold a total of 133,093 shares of company stock valued at $7,892,234 in the last quarter. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds have recently added to or reduced their stakes in the business. First Turn Management LLC acquired a new stake in shares of Cytokinetics in the fourth quarter valued at approximately $67,414,000. Westfield Capital Management Co. LP acquired a new stake in Cytokinetics during the 1st quarter valued at $51,277,000. Norges Bank purchased a new position in Cytokinetics during the fourth quarter worth $60,299,000. Assenagon Asset Management S.A. purchased a new stake in shares of Cytokinetics in the fourth quarter valued at $46,308,000. Finally, Fisher Asset Management LLC acquired a new stake in shares of Cytokinetics during the fourth quarter valued at $44,754,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. JMP Securities lowered their target price on shares of Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating on the stock in a research report on Tuesday, May 28th. HC Wainwright restated a “buy” rating and issued a $90.00 price objective on shares of Cytokinetics in a research note on Monday. Oppenheimer decreased their target price on shares of Cytokinetics from $107.00 to $106.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Barclays reduced their price objective on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Finally, Truist Financial lowered their target price on Cytokinetics from $86.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, May 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus target price of $76.41.

Cytokinetics Price Performance

CYTK opened at $52.78 on Tuesday. Cytokinetics has a 1-year low of $25.98 and a 1-year high of $110.25. The stock has a market cap of $5.53 billion, a P/E ratio of -9.77 and a beta of 0.75. The stock’s 50 day simple moving average is $60.35 and its 200 day simple moving average is $65.94.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The business had revenue of $0.84 million during the quarter, compared to the consensus estimate of $0.91 million. During the same quarter last year, the firm posted ($1.38) EPS. The business’s quarterly revenue was down 81.8% compared to the same quarter last year. Research analysts expect that Cytokinetics will post -4.55 EPS for the current fiscal year.

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.