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

Cytokinetics, Incorporated (NASDAQ:CYTK)’s share price gapped down before the market opened on Friday . The stock had previously closed at $47.45, but opened at $44.36. Cytokinetics shares last traded at $46.11, with a volume of 171,756 shares.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CYTK shares. Mizuho upped their target price on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research report on Friday. Morgan Stanley raised shares of Cytokinetics from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $70.00 to $67.00 in a report on Thursday, February 13th. Stifel Nicolaus assumed coverage on shares of Cytokinetics in a research report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a research report on Thursday, February 6th. Two investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $82.00.

Cytokinetics Stock Performance

The company has a 50-day moving average price of $47.28 and a two-hundred day moving average price of $51.36. The company has a market capitalization of $5.43 billion, a PE ratio of -8.55 and a beta of 0.83. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. The company had revenue of $16.93 million for the quarter, compared to analysts’ expectations of $14.26 million. Analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $45.98, for a total transaction of $91,960.00. Following the completion of the transaction, the executive vice president now directly owns 116,071 shares in the company, valued at $5,336,944.58. The trade was a 1.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Henderson sold 1,780 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $50.42, for a total value of $89,747.60. Following the completion of the sale, the director now owns 38,461 shares in the company, valued at $1,939,203.62. This trade represents a 4.42 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,822 shares of company stock valued at $1,127,848. Company insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

A number of large investors have recently modified their holdings of the business. Jones Financial Companies Lllp raised its stake in Cytokinetics by 189.8% in the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 374 shares in the last quarter. Centricity Wealth Management LLC bought a new position in shares of Cytokinetics in the 4th quarter worth $29,000. Blue Trust Inc. raised its position in shares of Cytokinetics by 225.9% during 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. AlphaQuest LLC raised its position in shares of Cytokinetics by 113,500.0% during the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after buying an additional 1,135 shares in the last quarter. Finally, J.Safra Asset Management Corp lifted its holdings in shares of Cytokinetics by 62.1% during the 4th quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company’s stock worth $83,000 after acquiring an additional 671 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.