Cytokinetics Target of Unusually High Options Trading (NASDAQ:CYTK)

Cytokinetics, Incorporated (NASDAQ:CYTK) was the recipient of some unusual options trading activity on Wednesday. Stock traders acquired 8,379 call options on the company. This is an increase of 79% compared to the typical daily volume of 4,678 call options.

Cytokinetics Stock Performance

CYTK traded up $0.04 during midday trading on Wednesday, hitting $81.97. The stock had a trading volume of 392,743 shares, compared to its average volume of 2,214,716. Cytokinetics has a 1 year low of $32.89 and a 1 year high of $88.31. The business has a fifty day moving average of $77.71 and a 200 day moving average of $68.85. The company has a market cap of $10.20 billion, a P/E ratio of -11.98 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. During the same period last year, the firm earned ($1.36) earnings per share. Cytokinetics’s revenue for the quarter was up 1112.5% on a year-over-year basis. On average, equities research analysts anticipate that Cytokinetics will post -6.22 earnings per share for the current year.

Insider Activity at Cytokinetics

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total transaction of $370,400.00. Following the completion of the sale, the director directly owned 15,784 shares of the company’s stock, valued at approximately $1,169,278.72. The trade was a 24.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $86.62, for a total value of $303,170.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at $13,330,991.24. The trade was a 2.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 135,536 shares of company stock valued at $10,046,609 over the last quarter. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after purchasing an additional 191,336 shares during the period. State Street Corp boosted its position in shares of Cytokinetics by 3.7% in the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock worth $370,139,000 after purchasing an additional 207,961 shares in the last quarter. Deep Track Capital LP boosted its position in shares of Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after purchasing an additional 650,000 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Cytokinetics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock worth $194,214,000 after buying an additional 15,815 shares during the last quarter. Finally, Vestal Point Capital LP grew its stake in shares of Cytokinetics by 14.8% in the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after buying an additional 384,469 shares during the last quarter.

Analyst Upgrades and Downgrades

CYTK has been the subject of several research reports. Wells Fargo & Company increased their price target on Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. HC Wainwright upped their price objective on shares of Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a report on Monday, May 11th. Truist Financial set a $106.00 target price on shares of Cytokinetics in a research report on Tuesday, May 5th. Morgan Stanley lifted their target price on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Royal Bank Of Canada lowered their price target on shares of Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and an average target price of $99.90.

Cytokinetics Company Profile

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.