Cytokinetics (NASDAQ:CYTK) Sets New 12-Month Low Following Insider Selling

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price hit a new 52-week low on Friday following insider selling activity. The stock traded as low as $45.17 and last traded at $45.47, with a volume of 328043 shares changing hands. The stock had previously closed at $47.37.

Specifically, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $49.32, for a total transaction of $98,640.00. Following the sale, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at approximately $5,724,621.72. This represents a 1.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Monday, December 2nd. HC Wainwright reiterated a “buy” rating on shares of Cytokinetics in a research report on Friday. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Mizuho upped their target price on Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Finally, Royal Bank of Canada lifted their price target on shares of Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $83.64.

Cytokinetics Price Performance

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 company has a market cap of $5.50 billion, a price-to-earnings ratio of -8.67 and a beta of 0.82. The stock’s 50-day simple moving average is $50.42 and its 200 day simple moving average is $53.48.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The company had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. The business’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.35) earnings per share. On average, equities research analysts anticipate that Cytokinetics, Incorporated will post -5.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Cytokinetics

Institutional investors and hedge funds have recently modified their holdings of the company. UMB Bank n.a. increased its stake in Cytokinetics by 65.6% during the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 238 shares during the period. Blue Trust Inc. grew its holdings in shares of Cytokinetics by 225.9% in the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 680 shares in the last quarter. Values First Advisors Inc. purchased a new stake in Cytokinetics during the 3rd quarter worth approximately $54,000. Quarry LP lifted its holdings in Cytokinetics by 233.3% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock worth $108,000 after buying an additional 1,400 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its holdings in Cytokinetics by 57.1% during the 3rd quarter. Avior Wealth Management LLC now owns 3,999 shares of the biopharmaceutical company’s stock worth $211,000 after buying an additional 1,454 shares in the last quarter.

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.