Cytokinetics (NASDAQ:CYTK) Sets New 12-Month Low – What’s Next?

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $40.53 and last traded at $42.18, with a volume of 1785867 shares traded. The stock had previously closed at $41.56.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CYTK. Stifel Nicolaus assumed coverage on Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Thursday, February 6th. Morgan Stanley upgraded Cytokinetics from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $70.00 to $67.00 in a research report on Thursday. Mizuho upped their price objective on shares of Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Finally, JMP Securities reiterated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy 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 $82.00.

Cytokinetics Price Performance

The business has a fifty day moving average price of $47.52 and a two-hundred day moving average price of $51.87. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93.

Insider Activity

In related news, Director Wendall Wierenga sold 742 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $48.61, for a total value of $36,068.62. Following the sale, the director now owns 24,559 shares in the company, valued at approximately $1,193,812.99. The trade was a 2.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $50.55, for a total value of $252,750.00. Following the transaction, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $20,091,400.80. The trade was a 1.24 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,122 shares of company stock valued at $1,654,806. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System lifted its position in shares of Cytokinetics by 0.6% during the 3rd quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the biopharmaceutical company’s stock worth $1,721,000 after purchasing an additional 200 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in Cytokinetics by 189.8% during the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 374 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Cytokinetics by 2.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 15,062 shares of the biopharmaceutical company’s stock worth $795,000 after acquiring an additional 430 shares in the last quarter. MetLife Investment Management LLC raised its holdings in Cytokinetics by 0.4% during the third quarter. MetLife Investment Management LLC now owns 123,308 shares of the biopharmaceutical company’s stock worth $6,511,000 after purchasing an additional 538 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its holdings in shares of Cytokinetics by 0.4% in the 4th quarter. Retirement Systems of Alabama now owns 143,495 shares of the biopharmaceutical company’s stock valued at $6,750,000 after buying an additional 565 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.