Cytokinetics (NASDAQ:CYTK) Shares Gap Down to $33.49

Cytokinetics, Incorporated (NASDAQ:CYTK) gapped down prior to trading on Friday . The stock had previously closed at $33.49, but opened at $32.75. Cytokinetics shares last traded at $33.01, with a volume of 4,111 shares traded.

Several research firms have recently issued reports on CYTK. JMP Securities raised their target price on shares of Cytokinetics from $26.00 to $44.00 and gave the stock an “outperform” rating in a report on Monday, July 19th. Cantor Fitzgerald upped their target price on shares of Cytokinetics from $35.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, July 20th. Barclays upped their price objective on shares of Cytokinetics from $40.00 to $45.00 and gave the company an “overweight” rating in a report on Tuesday, September 7th. Needham & Company LLC increased their price target on shares of Cytokinetics from $33.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, July 19th. Finally, Raymond James raised their target price on shares of Cytokinetics from $37.00 to $54.00 and gave the company an “outperform” rating in a report on Monday, July 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $43.09.

The firm has a market cap of $2.80 billion, a price-to-earnings ratio of -15.29 and a beta of 1.41. The company has a current ratio of 5.90, a quick ratio of 5.90 and a debt-to-equity ratio of 7.76. The firm has a 50 day moving average price of $29.56 and a 200-day moving average price of $25.23.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, August 5th. The biopharmaceutical company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.20). Cytokinetics had a negative return on equity of 179.39% and a negative net margin of 269.48%. The firm had revenue of $2.84 million for the quarter, compared to analyst estimates of $5.68 million. As a group, equities analysts expect that Cytokinetics, Incorporated will post -3.02 earnings per share for the current fiscal year.

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $20.13, for a total value of $100,650.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction dated Thursday, July 8th. The stock was sold at an average price of $19.48, for a total value of $38,960.00. The disclosure for this sale can be found here. Insiders sold a total of 35,581 shares of company stock valued at $985,416 in the last three months. 5.70% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Cytokinetics by 2.7% during the 1st quarter. BlackRock Inc. now owns 11,927,444 shares of the biopharmaceutical company’s stock worth $277,433,000 after acquiring an additional 316,365 shares in the last quarter. FMR LLC raised its position in shares of Cytokinetics by 121.0% during the 2nd quarter. FMR LLC now owns 8,488,682 shares of the biopharmaceutical company’s stock valued at $167,991,000 after acquiring an additional 4,646,979 shares in the last quarter. State Street Corp raised its position in shares of Cytokinetics by 2.6% during the 2nd quarter. State Street Corp now owns 4,250,786 shares of the biopharmaceutical company’s stock valued at $84,123,000 after acquiring an additional 108,816 shares in the last quarter. Wasatch Advisors Inc. raised its position in shares of Cytokinetics by 2.1% during the 1st quarter. Wasatch Advisors Inc. now owns 2,609,751 shares of the biopharmaceutical company’s stock valued at $60,703,000 after acquiring an additional 54,011 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C raised its position in shares of Cytokinetics by 4.1% during the 1st quarter. Deerfield Management Company L.P. Series C now owns 2,561,000 shares of the biopharmaceutical company’s stock valued at $59,569,000 after acquiring an additional 100,000 shares in the last quarter. 90.54% of the stock is currently owned by hedge funds and other institutional investors.

About Cytokinetics (NASDAQ:CYTK)

Cytokinetics, Inc operates as a biopharmaceutical company. The firm focuses on the discovery and development of muscle activators as potential treatment for debilitating diseases. It conducts a Phase 2 clinical trials program for tirasemtiv, including a Phase 2b clinical trial in patients with ALS, known as BENEFIT-ALS (Blinded Evaluation of Neuromuscular Effects and Functional Improvement with Tirasemtiv in ALS).

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