Cytokinetics (NASDAQ:CYTK) Trading 5.2% Higher

Cytokinetics, Incorporated (NASDAQ:CYTK) rose 5.2% during mid-day trading on Thursday . The stock traded as high as $55.53 and last traded at $55.37. Approximately 737,473 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 2,212,370 shares. The stock had previously closed at $52.61.

Analyst Ratings Changes

Several research firms have recently issued reports on CYTK. Needham & Company LLC restated a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a report on Tuesday, September 3rd. JMP Securities restated a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research note on Wednesday, September 4th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Monday, September 9th. JPMorgan Chase & Co. lifted their price objective on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Finally, The Goldman Sachs Group cut Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and a consensus target price of $80.67.

Cytokinetics Stock Performance

The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93. The stock has a market capitalization of $5.84 billion, a price-to-earnings ratio of -10.17 and a beta of 0.77. The stock’s 50-day simple moving average is $55.53 and its 200 day simple moving average is $58.54.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The company had revenue of $0.25 million during the quarter, compared to analyst estimates of $7.61 million. During the same quarter in the previous year, the business posted ($1.34) EPS. Cytokinetics’s revenue was down 71.3% compared to the same quarter last year. Analysts expect that Cytokinetics, Incorporated will post -5.15 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $55.90, for a total transaction of $408,070.00. Following the transaction, the executive vice president now owns 131,004 shares in the company, valued at approximately $7,323,123.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $55.90, for a total value of $408,070.00. Following the completion of the transaction, the executive vice president now owns 131,004 shares in the company, valued at approximately $7,323,123.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert I. Blum sold 11,500 shares of the stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $54.29, for a total value of $624,335.00. Following the completion of the transaction, the chief executive officer now owns 399,412 shares in the company, valued at $21,684,077.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 96,337 shares of company stock worth $5,374,582. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Cytokinetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in CYTK. NEOS Investment Management LLC bought a new position in shares of Cytokinetics in the 4th quarter valued at about $557,000. CIBC Asset Management Inc bought a new position in Cytokinetics in the fourth quarter valued at approximately $555,000. Bardin Hill Management Partners LP acquired a new stake in Cytokinetics during the 4th quarter worth $2,012,000. Vestal Point Capital LP bought a new stake in shares of Cytokinetics during the 4th quarter valued at $4,174,000. Finally, Seven Eight Capital LP acquired a new position in shares of Cytokinetics in the 4th quarter valued at $5,195,000.

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.