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

Cytokinetics, Incorporated (NASDAQ:CYTK) was the recipient of a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 14,590,000 shares, a decline of 7.0% from the October 31st total of 15,690,000 shares. Based on an average daily volume of 1,240,000 shares, the days-to-cover ratio is presently 11.8 days. Currently, 12.8% of the company’s shares are sold short.

Insider Activity

In related news, Director Wendall Wierenga sold 4,452 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $52.25, for a total value of $232,617.00. Following the completion of the sale, the director now owns 24,559 shares in the company, valued at approximately $1,283,207.75. The trade was a 15.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 6,342 shares of Cytokinetics stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $58.48, for a total value of $370,880.16. Following the sale, the executive vice president now directly owns 113,878 shares of the company’s stock, valued at approximately $6,659,585.44. This trade represents a 5.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,994 shares of company stock valued at $3,427,975. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Cytokinetics

Large investors have recently bought and sold shares of the business. J.Safra Asset Management Corp grew its position in shares of Cytokinetics by 642.3% in 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 in the last quarter. UMB Bank n.a. raised 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 worth $32,000 after acquiring an additional 238 shares during the period. Blue Trust Inc. boosted 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 acquiring an additional 680 shares during the last quarter. Values First Advisors Inc. acquired a new stake in Cytokinetics during the third quarter worth about $54,000. Finally, Quarry LP boosted its holdings in Cytokinetics by 233.3% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after purchasing an additional 1,400 shares during the last quarter.

Cytokinetics Stock Performance

Shares of Cytokinetics stock traded up $0.88 during mid-day trading on Tuesday, reaching $51.51. 1,100,421 shares of the stock traded hands, compared to its average volume of 2,030,498. The business has a 50-day moving average of $53.18 and a 200 day moving average of $54.28. Cytokinetics has a fifty-two week low of $32.50 and a fifty-two week high of $110.25. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data 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 business had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. During the same quarter in the prior year, the firm earned ($1.35) EPS. The business’s quarterly revenue was up 22.5% compared to the same quarter last year. As a group, analysts predict that Cytokinetics will post -5.25 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CYTK shares. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Royal Bank of Canada initiated coverage on shares of Cytokinetics in a research report on Friday, November 8th. They set an “outperform” rating and a $80.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a research note on Monday. JMP Securities reiterated a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Cytokinetics has a consensus rating of “Moderate Buy” and an average price target of $83.93.

About Cytokinetics

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.