Cytokinetics (NASDAQ:CYTK) Stock Price Down 8.5% – Time to Sell?

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price traded down 8.5% during trading on Thursday . The company traded as low as $46.37 and last traded at $46.11. 271,138 shares changed hands during trading, a decline of 76% from the average session volume of 1,119,671 shares. The stock had previously closed at $50.41.

Wall Street Analyst Weigh In

CYTK has been the topic of several research reports. Mizuho boosted their price objective on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Citigroup began coverage on Cytokinetics in a report on Friday. They issued a “buy” rating and a $86.00 price target on the stock. JMP Securities reiterated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a report on Friday. Stifel Nicolaus initiated coverage on Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 target price on the stock. Finally, Royal Bank of Canada raised their price target on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.00.

Cytokinetics Trading Down 7.4 %

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 stock’s fifty day moving average price is $48.32 and its 200-day moving average price is $52.41.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The business had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $1.21 million. During the same quarter last year, the company earned ($1.35) EPS. The firm’s revenue for the quarter was up 22.5% on a year-over-year basis. As a group, equities analysts forecast that Cytokinetics, Incorporated will post -5.23 earnings per share for the current year.

Insider Activity at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 6,342 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $58.48, for a total value of $370,880.16. Following the transaction, the executive vice president now owns 113,878 shares of the company’s stock, valued at approximately $6,659,585.44. This represents a 5.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wendall Wierenga sold 742 shares of Cytokinetics stock in a transaction that occurred 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 directly owns 24,559 shares of the company’s stock, valued at approximately $1,193,812.99. The trade was a 2.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,464 shares of company stock worth $2,025,686. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its stake in shares of Cytokinetics by 42.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock valued at $69,769,000 after acquiring an additional 395,709 shares in the last quarter. Westfield Capital Management Co. LP grew its position in shares of Cytokinetics by 38.9% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock worth $64,040,000 after purchasing an additional 339,373 shares in the last quarter. Checkpoint Capital L.P. increased its holdings in shares of Cytokinetics by 145.7% during the third quarter. Checkpoint Capital L.P. now owns 466,813 shares of the biopharmaceutical company’s stock worth $24,648,000 after purchasing an additional 276,813 shares during the period. Two Sigma Advisers LP acquired a new stake in shares of Cytokinetics in the third quarter valued at approximately $11,336,000. Finally, Janus Henderson Group PLC raised its position in shares of Cytokinetics by 17.2% in the third quarter. Janus Henderson Group PLC now owns 1,143,830 shares of the biopharmaceutical company’s stock valued at $60,399,000 after buying an additional 167,501 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.