Cytokinetics (NASDAQ:CYTK) Trading Up 3.4%

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price rose 3.4% during mid-day trading on Tuesday . The company traded as high as $70.43 and last traded at $70.33. Approximately 303,632 shares were traded during trading, a decline of 90% from the average daily volume of 3,083,417 shares. The stock had previously closed at $68.00.

Analyst Ratings Changes

CYTK has been the subject of a number of research analyst reports. Mizuho dropped their target price on shares of Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday, March 6th. Needham & Company LLC restated a “buy” rating and set a $108.00 target price on shares of Cytokinetics in a report on Tuesday, April 9th. StockNews.com downgraded Cytokinetics from a “hold” rating to a “sell” rating in a report on Friday, January 5th. Oppenheimer restated an “outperform” rating and set a $107.00 price objective on shares of Cytokinetics in a research note on Monday, March 4th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $90.00 target price (up previously from $60.00) on shares of Cytokinetics in a research note on Friday, January 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $79.33.

Cytokinetics Price Performance

The stock has a market capitalization of $7.27 billion, a price-to-earnings ratio of -12.48 and a beta of 0.68. The company has a 50-day simple moving average of $71.93 and a two-hundred day simple moving average of $57.85.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.35). The company had revenue of $1.70 million for the quarter, compared to analyst estimates of $7.62 million. The firm’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.45) earnings per share. Research analysts anticipate that Cytokinetics, Incorporated will post -4.5 EPS for the current year.

Insider Activity

In other Cytokinetics news, CEO Robert I. Blum sold 12,500 shares of Cytokinetics stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $79.57, for a total transaction of $994,625.00. Following the sale, the chief executive officer now owns 441,797 shares of the company’s stock, valued at approximately $35,153,787.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Robert I. Blum sold 12,500 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $79.57, for a total value of $994,625.00. Following the completion of the transaction, the chief executive officer now owns 441,797 shares in the company, valued at approximately $35,153,787.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 32,605 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $79.30, for a total transaction of $2,585,576.50. Following the sale, the executive vice president now owns 142,973 shares in the company, valued at $11,337,758.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 127,814 shares of company stock valued at $9,605,955. Insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Hedge funds have recently modified their holdings of the company. Belpointe Asset Management LLC grew its holdings in Cytokinetics by 76.2% during the first quarter. Belpointe Asset Management LLC now owns 786 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 340 shares during the period. Natixis bought a new stake in shares of Cytokinetics in the 4th quarter worth approximately $73,000. China Universal Asset Management Co. Ltd. lifted its stake in Cytokinetics by 96.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,463 shares of the biopharmaceutical company’s stock valued at $73,000 after purchasing an additional 1,209 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Cytokinetics during the fourth quarter valued at approximately $79,000. Finally, Chilton Capital Management LLC acquired a new stake in shares of Cytokinetics during the 1st quarter valued at $80,000.

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.