Stock Traders Buy Large Volume of Cytokinetics Call Options (NASDAQ:CYTK)

Cytokinetics, Incorporated (NASDAQ:CYTK) was the target of some unusual options trading on Tuesday. Stock traders acquired 16,357 call options on the stock. This is an increase of 260% compared to the average volume of 4,543 call options.

Insider Activity at Cytokinetics

In other news, EVP Andrew Callos sold 15,857 shares of Cytokinetics stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the sale, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. This trade represents a 21.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $59.62, for a total value of $447,150.00. Following the sale, the chief executive officer directly owned 407,830 shares in the company, valued at $24,314,824.60. The trade was a 1.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 169,976 shares of company stock valued at $10,710,369 over the last ninety days. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its stake in Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares during the period. Kemnay Advisory Services Inc. bought a new position in Cytokinetics in the 4th quarter worth about $27,000. Kestra Advisory Services LLC bought a new stake in shares of Cytokinetics during the 4th quarter valued at about $29,000. Quarry LP bought a new stake in shares of Cytokinetics during the 3rd quarter valued at about $30,000. Finally, TD Waterhouse Canada Inc. bought a new stake in shares of Cytokinetics during the 4th quarter valued at about $32,000.

Cytokinetics Stock Performance

NASDAQ:CYTK traded up $0.01 during trading on Tuesday, reaching $74.57. The company’s stock had a trading volume of 1,387,512 shares, compared to its average volume of 2,230,191. The firm has a market cap of $9.28 billion, a price-to-earnings ratio of -10.90 and a beta of 0.38. The firm has a 50 day moving average of $64.73 and a 200-day moving average of $64.10. Cytokinetics has a 12 month low of $29.31 and a 12 month high of $80.20.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting the consensus estimate of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. During the same period last year, the business posted ($1.36) EPS. The company’s revenue was up 1112.5% compared to the same quarter last year. Equities research analysts forecast that Cytokinetics will post -6.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on CYTK. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research note on Monday, April 20th. Barclays boosted their price target on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a research note on Monday, April 6th. Needham & Company LLC boosted their price target on Cytokinetics from $85.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. JPMorgan Chase & Co. boosted their price target on shares of Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Stifel Nicolaus boosted their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $98.55.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.