Cytokinetics, Incorporated (NASDAQ:CYTK) Sees Significant Decrease in Short Interest

Cytokinetics, Incorporated (NASDAQ:CYTK) saw a large drop in short interest in March. As of March 31st, there was short interest totalling 13,230,000 shares, a drop of 10.6% from the March 15th total of 14,800,000 shares. Currently, 13.3% of the company’s stock are sold short. Based on an average daily volume of 3,170,000 shares, the short-interest ratio is presently 4.2 days.

Insider Buying and Selling

In related news, EVP Fady Ibraham Malik sold 32,604 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $67.56, for a total value of $2,202,726.24. Following the transaction, the executive vice president now directly owns 138,973 shares in the company, valued at approximately $9,389,015.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Fady Ibraham Malik sold 32,604 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $67.56, for a total transaction of $2,202,726.24. Following the completion of the sale, the executive vice president now directly owns 138,973 shares of the company’s stock, valued at approximately $9,389,015.88. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Robert I. Blum sold 12,500 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $79.57, for a total value of $994,625.00. Following the sale, the chief executive officer now directly owns 441,797 shares of the company’s stock, valued at $35,153,787.29. The disclosure for this sale can be found here. Insiders have sold a total of 127,814 shares of company stock worth $9,605,955 in the last ninety days. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Cytokinetics

A number of large investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Cytokinetics during the 1st quarter valued at about $813,000. Chemistry Wealth Management LLC bought a new stake in shares of Cytokinetics during the 1st quarter valued at about $366,000. Los Angeles Capital Management LLC bought a new stake in shares of Cytokinetics during the 1st quarter valued at about $1,249,000. Vanguard Group Inc. boosted its position in shares of Cytokinetics by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock valued at $919,800,000 after acquiring an additional 273,565 shares during the last quarter. Finally, Fisher Asset Management LLC bought a new stake in shares of Cytokinetics during the 4th quarter valued at about $44,754,000.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $69.00 on Wednesday. Cytokinetics has a 52 week low of $25.98 and a 52 week high of $110.25. The business has a 50-day simple moving average of $71.71 and a two-hundred day simple moving average of $58.13.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.35). The business had revenue of $1.70 million during the quarter, compared to analyst estimates of $7.62 million. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.45) EPS. On average, equities research analysts expect that Cytokinetics will post -4.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CYTK has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $108.00 target price on shares of Cytokinetics in a research report on Tuesday, April 9th. Mizuho decreased their price objective on Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday, March 6th. Oppenheimer reissued an “outperform” rating and issued a $107.00 price objective on shares of Cytokinetics in a report on Monday, March 4th. UBS Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $61.00 to $92.00 in a report on Wednesday, January 24th. Finally, HC Wainwright reissued a “buy” rating and issued a $94.00 price objective on shares of Cytokinetics in a report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.33.

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.