Short Interest in Cytokinetics, Incorporated (NASDAQ:CYTK) Grows By 6.1%

Cytokinetics, Incorporated (NASDAQ:CYTK) was the target of a large growth in short interest in April. As of April 15th, there was short interest totalling 14,040,000 shares, a growth of 6.1% from the March 31st total of 13,230,000 shares. Based on an average daily volume of 2,030,000 shares, the days-to-cover ratio is currently 6.9 days. Approximately 13.9% of the shares of the company are sold short.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $63.37 on Thursday. The firm’s fifty day moving average is $69.31 and its 200-day moving average is $60.56. Cytokinetics has a 52 week low of $25.98 and a 52 week high of $110.25. The firm has a market cap of $6.63 billion, a P/E ratio of -11.63 and a beta of 0.68.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.35). The firm had revenue of $1.70 million for the quarter, compared to the consensus estimate of $7.62 million. During the same quarter in the prior year, the company posted ($1.45) earnings per share. The business’s revenue was down 10.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Cytokinetics will post -4.5 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CYTK. Morgan Stanley restated an “equal weight” rating and issued a $90.00 target price (up from $60.00) on shares of Cytokinetics in a research report on Friday, January 5th. UBS Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $61.00 to $92.00 in a research report on Wednesday, January 24th. StockNews.com cut shares of Cytokinetics from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. Truist Financial reiterated a “buy” rating and set a $86.00 price objective on shares of Cytokinetics in a research report on Monday, April 8th. Finally, HC Wainwright reiterated a “buy” rating and set a $94.00 price objective on shares of Cytokinetics in a research report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $79.33.

Insiders Place Their Bets

In other Cytokinetics news, Director John T. Henderson sold 5,000 shares of Cytokinetics stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $76.48, for a total value of $382,400.00. Following the completion of the sale, the director now owns 42,632 shares in the company, valued at approximately $3,260,495.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director John T. Henderson sold 10,562 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total value of $681,671.48. Following the completion of the transaction, the director now directly owns 32,070 shares in the company, valued at approximately $2,069,797.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John T. Henderson sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $76.48, for a total transaction of $382,400.00. Following the completion of the transaction, the director now owns 42,632 shares of the company’s stock, valued at $3,260,495.36. The disclosure for this sale can be found here. Insiders sold 113,376 shares of company stock worth $8,275,252 in the last quarter. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cytokinetics by 10.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 59,423 shares of the biopharmaceutical company’s stock valued at $4,166,000 after purchasing an additional 5,676 shares during the last quarter. Retirement Systems of Alabama acquired a new position in shares of Cytokinetics during the 1st quarter valued at $8,633,000. Van ECK Associates Corp acquired a new position in shares of Cytokinetics during the 1st quarter valued at $4,059,000. Allspring Global Investments Holdings LLC lifted its position in shares of Cytokinetics by 19.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,416 shares of the biopharmaceutical company’s stock valued at $239,000 after acquiring an additional 558 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its position in shares of Cytokinetics by 74.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 19,770 shares of the biopharmaceutical company’s stock valued at $1,386,000 after acquiring an additional 8,429 shares during the period.

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.