Cytokinetics (NASDAQ:CYTK) Shares Gap Down – Time to Sell?

Cytokinetics, Incorporated (NASDAQ:CYTK)’s share price gapped down before the market opened on Friday . The stock had previously closed at $47.45, but opened at $44.36. Cytokinetics shares last traded at $46.11, with a volume of 171,756 shares.

Wall Street Analyst Weigh In

Several research firms have issued reports on CYTK. Morgan Stanley upgraded Cytokinetics from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $70.00 to $67.00 in a research note on Thursday, February 13th. Citigroup began coverage on Cytokinetics in a research note on Friday, February 7th. They issued a “buy” rating and a $86.00 target price for the company. Evercore ISI upgraded Cytokinetics to a “strong-buy” rating in a research note on Friday, February 7th. Needham & Company LLC restated a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a research note on Thursday, February 6th. Finally, Mizuho raised their target price on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.00.

Cytokinetics Stock Performance

The stock has a 50-day moving average of $47.22 and a 200 day moving average of $51.25. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The stock has a market capitalization of $5.43 billion, a price-to-earnings ratio of -8.55 and a beta of 0.83.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($1.26) EPS for the quarter, topping analysts’ consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million during the quarter, compared to analyst estimates of $14.26 million. On average, analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insiders Place Their Bets

In other Cytokinetics news, Director Wendall Wierenga sold 742 shares of the firm’s 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 transaction, the director now owns 24,559 shares in the company, valued at approximately $1,193,812.99. This trade represents a 2.93 % 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. Also, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $45.92, for a total value of $91,840.00. Following the transaction, the executive vice president now owns 116,071 shares in the company, valued at approximately $5,329,980.32. This trade represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,822 shares of company stock worth $1,127,848. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CYTK. Vanguard Group Inc. lifted its holdings in shares of Cytokinetics by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock valued at $560,520,000 after purchasing an additional 154,216 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Cytokinetics by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company’s stock valued at $505,780,000 after purchasing an additional 1,062,136 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cytokinetics by 4.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock valued at $150,433,000 after purchasing an additional 109,938 shares in the last quarter. Deep Track Capital LP lifted its holdings in shares of Cytokinetics by 296.9% during the 4th quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock valued at $117,600,000 after purchasing an additional 1,870,094 shares in the last quarter. Finally, Vestal Point Capital LP lifted its holdings in shares of Cytokinetics by 56.7% during the 4th quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company’s stock valued at $110,544,000 after purchasing an additional 850,000 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.