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

Cytokinetics, Incorporated (NASDAQ:CYTK) hit a new 52-week low during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $39.81 and last traded at $40.12, with a volume of 685480 shares changing hands. The stock had previously closed at $43.19.

Specifically, CEO Robert I. Blum sold 15,000 shares of the stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $40.75, for a total transaction of $611,250.00. Following the completion of the transaction, the chief executive officer now directly owns 427,629 shares of the company’s stock, valued at $17,425,881.75. This represents a 3.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Analyst Ratings Changes

CYTK has been the topic of several recent analyst reports. Citigroup began coverage on Cytokinetics in a research report on Friday, February 7th. They set a “buy” rating and a $86.00 target price on the stock. Royal Bank of Canada upped their price objective on Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, December 18th. JMP Securities reissued a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a report on Friday, February 7th. HC Wainwright restated a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research report on Friday, February 28th. Finally, Stifel Nicolaus assumed coverage on shares of Cytokinetics in a report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $82.00.

Cytokinetics Price Performance

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 firm has a market capitalization of $4.78 billion, a PE ratio of -7.50 and a beta of 0.95. The company has a 50-day moving average price of $45.47 and a 200-day moving average price of $49.29.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million during the quarter, compared to analysts’ expectations of $14.26 million. Sell-side analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Institutional Trading of Cytokinetics

A number of hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp lifted its stake in shares of 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 purchasing an additional 374 shares during the period. Centricity Wealth Management LLC acquired a new position in Cytokinetics in the fourth quarter valued at $29,000. AlphaQuest LLC lifted its position in Cytokinetics by 113,500.0% during the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock worth $53,000 after buying an additional 1,135 shares during the period. J.Safra Asset Management Corp boosted its stake in Cytokinetics by 62.1% in the 4th quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company’s stock worth $83,000 after buying an additional 671 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Cytokinetics by 85.8% in the 4th quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company’s stock valued at $86,000 after buying an additional 842 shares during the period.

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.