Cytokinetics (NASDAQ:CYTK) Hits New 52-Week Low – Time to Sell?

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price reached a new 52-week low during mid-day trading on Friday . The company traded as low as $44.25 and last traded at $44.58, with a volume of 518898 shares traded. The stock had previously closed at $46.17.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CYTK. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a report on Tuesday, January 21st. Mizuho lifted their price objective on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a report on Friday. Finally, Citigroup initiated coverage on Cytokinetics in a research report on Friday. They issued a “buy” rating and a $86.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $83.00.

Cytokinetics Stock Down 5.6 %

The company has a fifty day moving average price of $48.50 and a 200-day moving average price of $52.51. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The stock has a market capitalization of $5.14 billion, a P/E ratio of -8.10 and a beta of 0.83.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data 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 company had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. During the same period in the prior year, the firm posted ($1.35) EPS. The firm’s revenue for the quarter was up 22.5% compared to the same quarter last year. As a group, research analysts forecast that Cytokinetics, Incorporated will post -5.25 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In related news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $50.55, for a total value of $252,750.00. Following the completion of the sale, the chief executive officer now owns 397,456 shares in the company, valued at approximately $20,091,400.80. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Wendall Wierenga sold 742 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $48.61, for a total transaction of $36,068.62. Following the sale, the director now directly owns 24,559 shares in the company, valued at $1,193,812.99. This represents a 2.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 39,464 shares of company stock valued at $2,025,686 in the last 90 days. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp lifted its holdings in Cytokinetics by 21.3% in the 3rd quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock valued at $3,802,000 after purchasing an additional 12,565 shares in the last quarter. Westfield Capital Management Co. LP increased its position in Cytokinetics by 38.9% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock worth $64,040,000 after purchasing an additional 339,373 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Cytokinetics by 42.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock worth $69,769,000 after acquiring an additional 395,709 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Cytokinetics during the third quarter worth about $558,000. Finally, Cetera Investment Advisers grew its position in Cytokinetics by 128.5% in the second quarter. Cetera Investment Advisers now owns 27,320 shares of the biopharmaceutical company’s stock valued at $1,480,000 after acquiring an additional 15,366 shares in the last quarter.

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.