Cytokinetics (NASDAQ:CYTK) Sets New 12-Month Low on Insider Selling

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) reached a new 52-week low on Friday after an insider sold shares in the company. The company traded as low as $45.17 and last traded at $45.47, with a volume of 328043 shares. The stock had previously closed at $47.37.

Specifically, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $49.32, for a total value of $98,640.00. Following the transaction, the executive vice president now owns 116,071 shares of the company’s stock, valued at approximately $5,724,621.72. The trade was a 1.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Royal Bank of Canada lifted their target price on Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a research report on Monday, December 2nd. Mizuho increased their target price on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Finally, HC Wainwright reissued a “buy” rating on shares of Cytokinetics in a report on Friday. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $83.64.

Cytokinetics Price Performance

The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. The firm has a market cap of $5.50 billion, a PE ratio of -8.67 and a beta of 0.82. The business has a fifty day moving average of $50.42 and a 200-day moving average of $53.48.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. The company’s quarterly revenue was up 22.5% on a year-over-year basis. During the same quarter last year, the firm posted ($1.35) earnings per share. As a group, research analysts predict that Cytokinetics, Incorporated will post -5.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CYTK. Harbor Capital Advisors Inc. raised its position in shares of Cytokinetics by 6.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 45,130 shares of the biopharmaceutical company’s stock worth $2,123,000 after buying an additional 2,604 shares in the last quarter. Exome Asset Management LLC purchased a new stake in shares of Cytokinetics in the 3rd quarter valued at about $3,093,000. Retirement Systems of Alabama boosted its position in shares of Cytokinetics by 1.0% during the 3rd quarter. Retirement Systems of Alabama now owns 142,930 shares of the biopharmaceutical company’s stock valued at $7,547,000 after acquiring an additional 1,414 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Cytokinetics by 12.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 56,885 shares of the biopharmaceutical company’s stock worth $3,003,000 after purchasing an additional 6,300 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Cytokinetics by 4.0% in the third quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock worth $150,433,000 after purchasing an additional 109,938 shares during the last quarter.

Cytokinetics Company Profile

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.