Cytokinetics, Incorporated (NASDAQ:CYTK) Short Interest Update

Cytokinetics, Incorporated (NASDAQ:CYTK) was the recipient of a significant decline in short interest in November. As of November 15th, there was short interest totalling 14,590,000 shares, a decline of 7.0% from the October 31st total of 15,690,000 shares. Based on an average daily volume of 1,240,000 shares, the short-interest ratio is currently 11.8 days. Approximately 12.8% of the company’s stock are short sold.

Insider Activity at Cytokinetics

In other news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $52.14, for a total transaction of $260,700.00. Following the completion of the sale, the chief executive officer now owns 397,456 shares in the company, valued at approximately $20,723,355.84. This represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Fady Ibraham Malik sold 6,342 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $58.48, for a total value of $370,880.16. Following the completion of the transaction, the executive vice president now directly owns 113,878 shares in the company, valued at $6,659,585.44. The trade was a 5.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 64,994 shares of company stock valued at $3,427,975. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently made changes to their positions in CYTK. Teachers Retirement System of The State of Kentucky boosted its holdings in Cytokinetics by 12.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 56,885 shares of the biopharmaceutical company’s stock valued at $3,003,000 after acquiring an additional 6,300 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Cytokinetics by 4.0% in 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 during the last quarter. XTX Topco Ltd acquired a new stake in shares of Cytokinetics during the 3rd quarter worth approximately $521,000. Two Sigma Advisers LP acquired a new position in Cytokinetics in the third quarter valued at approximately $11,336,000. Finally, Stifel Financial Corp grew its holdings in Cytokinetics by 8.5% during the 3rd quarter. Stifel Financial Corp now owns 25,067 shares of the biopharmaceutical company’s stock worth $1,324,000 after acquiring an additional 1,959 shares during the period.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CYTK. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Royal Bank of Canada began coverage on shares of Cytokinetics in a research report on Friday, November 8th. They set an “outperform” rating and a $80.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a research note on Monday. Finally, The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $83.93.

Cytokinetics Stock Performance

Cytokinetics stock traded up $0.88 on Tuesday, reaching $51.51. The company’s stock had a trading volume of 1,100,421 shares, compared to its average volume of 2,030,498. The business’s fifty day moving average price is $53.18 and its 200 day moving average price is $54.28. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. Cytokinetics has a twelve month low of $32.50 and a twelve month high of $110.25.

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

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.