Cytokinetics (NASDAQ:CYTK) Shares Gap Down – What’s Next?

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $51.86, but opened at $50.79. Cytokinetics shares last traded at $50.69, with a volume of 143,664 shares.

Analyst Ratings Changes

CYTK has been the subject of several research reports. The Goldman Sachs Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. Royal Bank of Canada assumed coverage on Cytokinetics in a report on Friday, November 8th. They issued an “outperform” rating and a $80.00 price target on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Wednesday, September 4th. HC Wainwright reiterated a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a report on Monday. Finally, Mizuho raised their price target on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.93.

Cytokinetics Price Performance

The firm has a market cap of $6.03 billion, a price-to-earnings ratio of -9.42 and a beta of 0.78. The stock’s fifty day moving average price is $53.21 and its 200-day moving average price is $54.35. 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 posted its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The company had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. The business’s revenue was up 22.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.35) EPS. As a group, equities research analysts forecast that Cytokinetics, Incorporated will post -5.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total transaction of $285,150.00. Following the completion of the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at approximately $22,666,915.68. This represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $50.16, for a total value of $366,168.00. Following the sale, the executive vice president now directly owns 111,878 shares in the company, valued at $5,611,800.48. This trade represents a 6.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 72,378 shares of company stock worth $3,880,287 over the last 90 days. 3.40% of the stock is owned by insiders.

Institutional Trading of Cytokinetics

A number of large investors have recently bought and sold shares of CYTK. Van ECK Associates Corp lifted its holdings in shares of Cytokinetics by 21.3% during the third quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock worth $3,802,000 after purchasing an additional 12,565 shares during the period. Westfield Capital Management Co. LP lifted its position in shares of Cytokinetics by 38.9% in the third quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock valued at $64,040,000 after acquiring an additional 339,373 shares in the last quarter. Ghisallo Capital Management LLC purchased a new stake in shares of Cytokinetics during the second quarter worth about $10,619,000. Darwin Global Management Ltd. purchased a new position in shares of Cytokinetics during the 2nd quarter worth $246,074,000. Finally, WINTON GROUP Ltd acquired a new stake in Cytokinetics in the 2nd quarter worth about $983,000.

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.