Cytokinetics (NASDAQ:CYTK) Shares Down 3.2%

Cytokinetics, Incorporated (NASDAQ:CYTK) dropped 3.2% during mid-day trading on Tuesday . The stock traded as low as $54.43 and last traded at $54.94. Approximately 509,144 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 2,259,462 shares. The stock had previously closed at $56.75.

Wall Street Analysts Forecast Growth

CYTK has been the topic of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research note on Monday, September 9th. HC Wainwright restated a “buy” rating and issued a $90.00 price objective on shares of Cytokinetics in a report on Monday, September 9th. JPMorgan Chase & Co. raised their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Truist Financial lowered their price objective on shares of Cytokinetics from $86.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, May 29th. Finally, Raymond James lowered their price objective on shares of Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.67.

Cytokinetics Stock Down 0.6 %

The company’s fifty day moving average price is $56.28 and its 200-day moving average price is $59.41. The stock has a market capitalization of $5.83 billion, a PE ratio of -10.30 and a beta of 0.77. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93.

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

Insider Buying and Selling

In related news, CEO Robert I. Blum sold 11,500 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.05, for a total value of $621,575.00. Following the completion of the transaction, the chief executive officer now directly owns 405,145 shares in the company, valued at approximately $21,898,087.25. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Cytokinetics news, CEO Robert I. Blum sold 11,500 shares of Cytokinetics stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.05, for a total value of $621,575.00. Following the completion of the sale, the chief executive officer now owns 405,145 shares of the company’s stock, valued at approximately $21,898,087.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $53.72, for a total transaction of $392,156.00. Following the completion of the sale, the executive vice president now directly owns 133,004 shares of the company’s stock, valued at approximately $7,144,974.88. The disclosure for this sale can be found here. Insiders sold a total of 107,837 shares of company stock worth $6,018,383 in the last three months. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of large investors have recently added to or reduced their stakes in the stock. First Bank & Trust grew its position in Cytokinetics by 4.7% in the 2nd quarter. First Bank & Trust now owns 6,757 shares of the biopharmaceutical company’s stock worth $366,000 after purchasing an additional 303 shares during the period. J.Safra Asset Management Corp grew its position in shares of Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after acquiring an additional 456 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Cytokinetics by 19.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,416 shares of the biopharmaceutical company’s stock valued at $239,000 after acquiring an additional 558 shares during the period. Inspire Investing LLC grew its position in shares of Cytokinetics by 13.5% during the 1st quarter. Inspire Investing LLC now owns 5,087 shares of the biopharmaceutical company’s stock valued at $357,000 after acquiring an additional 605 shares during the period. Finally, DNB Asset Management AS grew its position in shares of Cytokinetics by 9.8% during the 2nd quarter. DNB Asset Management AS now owns 7,231 shares of the biopharmaceutical company’s stock valued at $392,000 after acquiring an additional 645 shares during the period.

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.