Cytokinetics, Incorporated (CYTK) Shares Gap Down After Analyst Downgrade
Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) gapped down prior to trading on Wednesday after Cantor Fitzgerald downgraded the stock from an overweight rating to a neutral rating. The stock had previously closed at $15.10, but opened at $11.10. Cantor Fitzgerald now has a $10.00 price target on the stock, down from their previous price target of $21.00. Cytokinetics, shares last traded at $8.25, with a volume of 7446300 shares traded.
Several other research firms also recently weighed in on CYTK. Morgan Stanley reaffirmed an “overweight” rating and set a $25.00 price target (up previously from $24.00) on shares of Cytokinetics, in a research note on Friday, October 6th. Seaport Global Securities reaffirmed a “buy” rating and set a $24.00 price target on shares of Cytokinetics, in a research note on Friday, October 6th. HC Wainwright set a $26.00 price target on shares of Cytokinetics, and gave the company a “buy” rating in a research note on Thursday, August 3rd. ValuEngine raised shares of Cytokinetics, from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Finally, BidaskClub raised shares of Cytokinetics, from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $17.64.
In related news, insider Caryn Gordon Mcdowell sold 4,260 shares of the business’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $12.94, for a total transaction of $55,124.40. Following the completion of the transaction, the insider now directly owns 17,982 shares in the company, valued at $232,687.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Santo J. Costa sold 5,000 shares of the business’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $14.00, for a total transaction of $70,000.00. Following the transaction, the director now owns 5,000 shares of the company’s stock, valued at $70,000. The disclosure for this sale can be found here. Insiders sold 178,223 shares of company stock worth $2,639,239 over the last ninety days. Corporate insiders own 7.20% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. lifted its position in Cytokinetics, by 456.1% during the second quarter. Goldman Sachs Group Inc. now owns 286,018 shares of the biopharmaceutical company’s stock valued at $3,461,000 after purchasing an additional 234,588 shares during the period. Prudential Financial Inc. acquired a new position in Cytokinetics, during the second quarter valued at $913,000. Swiss National Bank acquired a new position in Cytokinetics, during the second quarter valued at $697,000. Ameriprise Financial Inc. acquired a new position in Cytokinetics, during the second quarter valued at $2,914,000. Finally, Janus Henderson Group PLC acquired a new position in Cytokinetics, during the second quarter valued at $32,488,000. Institutional investors own 71.92% of the company’s stock.
The company has a debt-to-equity ratio of 0.14, a current ratio of 7.60 and a quick ratio of 7.60.
Cytokinetics, (NASDAQ:CYTK) last posted its earnings results on Thursday, October 26th. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.64) by $0.04. The company had revenue of $6.18 million during the quarter, compared to the consensus estimate of $5.35 million. Cytokinetics, had a negative net margin of 172.27% and a negative return on equity of 62.64%. equities analysts anticipate that Cytokinetics, Incorporated will post -2.4 earnings per share for the current year.
Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.
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