Cytokinetics (NASDAQ:CYTK) Hits New 1-Year Low After Insider Selling

Cytokinetics, Incorporated (NASDAQ:CYTK)’s share price reached a new 52-week low during mid-day trading on Monday following insider selling activity. The stock traded as low as $39.81 and last traded at $40.12, with a volume of 685480 shares traded. The stock had previously closed at $43.19.

Specifically, CEO Robert I. Blum sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $40.75, for a total transaction of $611,250.00. Following the sale, the chief executive officer now directly owns 427,629 shares of the company’s stock, valued at $17,425,881.75. This represents a 3.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

Several equities analysts have commented on CYTK shares. Royal Bank of Canada boosted their price target on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 18th. Morgan Stanley set a $67.00 target price on Cytokinetics in a research note on Friday, March 7th. Citigroup started coverage on Cytokinetics in a research note on Friday, February 7th. They issued a “buy” rating and a $86.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research note on Friday, February 28th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a report on Friday, February 7th. Two investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cytokinetics currently has an average rating of “Moderate Buy” and an average price target of $82.00.

Cytokinetics Stock Up 7.6 %

The stock has a market cap of $4.78 billion, a PE ratio of -7.50 and a beta of 0.95. The business has a 50 day moving average of $45.47 and a 200-day moving average of $49.29. 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 announced its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.29) by $0.03. The business had revenue of $16.93 million for the quarter, compared to analysts’ expectations of $14.26 million. Equities research analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Cytokinetics

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Cytokinetics by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock worth $560,520,000 after buying an additional 154,216 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Cytokinetics by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company’s stock valued at $505,780,000 after purchasing an additional 1,062,136 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Cytokinetics by 4.0% in the third quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock valued at $150,433,000 after purchasing an additional 109,938 shares during the period. Deep Track Capital LP raised its stake in shares of Cytokinetics by 296.9% during the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock worth $117,600,000 after purchasing an additional 1,870,094 shares during the last quarter. Finally, Vestal Point Capital LP lifted its holdings in shares of Cytokinetics by 56.7% during the fourth quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company’s stock worth $110,544,000 after purchasing an additional 850,000 shares during the period.

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.