Cytokinetics (NASDAQ:CYTK) Shares Gap Down – Here’s What Happened

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 changing hands.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Morgan Stanley upped their price target on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Stifel Nicolaus lifted their price objective on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Citigroup restated a “market outperform” rating on shares of Cytokinetics in a research note on Friday, August 7th. Finally, Wells Fargo & Company raised their target price on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Nineteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $102.20.

Cytokinetics Trading Down 6.2%

The business’s 50 day moving average price is $80.25 and its two-hundred day moving average price is $72.23. The company has a market capitalization of $9.10 billion, a price-to-earnings ratio of -10.12 and a beta of 0.38.

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

Insider Activity at Cytokinetics

In other news, CEO Robert I. Blum sold 7,500 shares of the company’s 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 transaction, the chief executive officer directly owned 377,820 shares in the company, valued at approximately $29,001,463.20. This represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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, August 18th. The shares were sold at an average price of $75.82, for a total value of $265,370.00. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at $11,668,849.64. The trade was a 2.22% 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. Over the last three months, insiders have sold 111,179 shares of company stock worth $8,803,649. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently bought and sold shares of CYTK. EverSource Wealth Advisors LLC increased its holdings in Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in Cytokinetics in the fourth quarter valued at about $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Cytokinetics during the fourth quarter valued at about $29,000. Quarry LP acquired a new stake in shares of Cytokinetics during the third quarter valued at about $30,000. Finally, Advisory Services Network LLC acquired a new position in shares of Cytokinetics in the third quarter valued at approximately $32,000.

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.