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

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $77.90, but opened at $73.88. Cytokinetics shares last traded at $73.03, with a volume of 603,315 shares.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Royal Bank Of Canada dropped their price target on shares of Cytokinetics from $117.00 to $112.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research note on Friday, July 17th. UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and lifted their target price for the company from $69.00 to $115.00 in a research note on Monday, June 29th. HC Wainwright reiterated a “buy” rating and issued a $140.00 target price on shares of Cytokinetics in a research note on Monday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Nineteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $102.20.

Cytokinetics Price Performance

The business’s 50-day moving average price is $80.12 and its two-hundred day moving average price is $72.29. The company has a market capitalization of $8.64 billion, a P/E ratio of -9.61 and a beta of 0.39.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, beating the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million during the quarter, compared to the consensus estimate of $17.59 million. The company’s revenue was down 57.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.12) earnings per share. Research analysts expect that Cytokinetics, Incorporated will post -6 earnings per share for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Sung Lee sold 1,112 shares of Cytokinetics stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total value of $97,622.48. Following the sale, the executive vice president directly owned 63,221 shares in the company, valued at approximately $5,550,171.59. The trade was a 1.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction on Monday, August 10th. The shares were sold at an average price of $76.76, for a total transaction of $575,700.00. Following the completion of the sale, the chief executive officer owned 377,820 shares in the company, valued at $29,001,463.20. The trade was a 1.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 88,246 shares of company stock valued at $7,098,877 over the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after buying an additional 191,336 shares in the last quarter. Royce & Associates LP boosted its holdings in shares of Cytokinetics by 44.3% during the 4th quarter. Royce & Associates LP now owns 144,426 shares of the biopharmaceutical company’s stock valued at $9,177,000 after acquiring an additional 44,343 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in shares of Cytokinetics by 63.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock worth $34,502,000 after purchasing an additional 157,700 shares during the period. Norges Bank bought a new stake in Cytokinetics during the 4th quarter worth approximately $51,281,000. Finally, Eventide Asset Management LLC raised its position in shares of Cytokinetics by 181.9% during the fourth quarter. Eventide Asset Management LLC now owns 479,611 shares of the biopharmaceutical company’s stock valued at $30,473,000 after buying an additional 309,503 shares during the last quarter.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.