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

Cytokinetics, Incorporated (NASDAQ:CYTK) gapped down prior to trading on Monday . The stock had previously closed at $51.86, but opened at $50.79. Cytokinetics shares last traded at $50.69, with a volume of 143,664 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CYTK shares. Mizuho lifted their target price on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Needham & Company LLC reiterated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Monday. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research note on Monday. JPMorgan Chase & Co. increased 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $83.93.

Cytokinetics Stock Down 1.5 %

The stock has a fifty day moving average of $53.21 and a 200-day moving average of $54.35. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of -9.42 and a beta of 0.78. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share 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 analysts’ expectations of $1.21 million. During the same quarter in the prior year, the company earned ($1.35) earnings per share. The company’s quarterly revenue was up 22.5% compared to the same quarter last year. As a group, sell-side analysts expect that Cytokinetics, Incorporated will post -5.25 EPS for the current year.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,384 shares of Cytokinetics stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total transaction of $420,961.84. Following the transaction, the executive vice president now owns 122,920 shares of the company’s stock, valued at $7,007,669.20. The trade was a 5.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total transaction of $285,150.00. Following the completion of the sale, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at $22,666,915.68. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 72,378 shares of company stock valued at $3,880,287. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Institutional investors and hedge funds have recently modified their holdings of the stock. J.Safra Asset Management Corp boosted its position in Cytokinetics by 642.3% during the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 456 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Cytokinetics by 65.6% during the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 238 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Cytokinetics by 225.9% in the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after buying an additional 680 shares in the last quarter. Values First Advisors Inc. acquired a new position in Cytokinetics in the third quarter worth approximately $54,000. Finally, Quarry LP raised its position in Cytokinetics by 233.3% during the second quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after acquiring an additional 1,400 shares in 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.