Cytokinetics, Incorporated (NASDAQ:CYTK – Get Rating) was the target of a significant growth in short interest in August. As of August 15th, there was short interest totalling 12,740,000 shares, a growth of 8.7% from the July 31st total of 11,720,000 shares. Based on an average daily volume of 1,380,000 shares, the days-to-cover ratio is currently 9.2 days.
Wall Street Analysts Forecast Growth
CYTK has been the topic of a number of recent research reports. Morgan Stanley upped their target price on shares of Cytokinetics from $11.00 to $15.00 in a research note on Friday, August 12th. Piper Sandler increased their price target on shares of Cytokinetics from $50.00 to $72.00 and gave the company an “overweight” rating in a research note on Thursday, June 9th. Raymond James increased their price target on shares of Cytokinetics from $54.00 to $63.00 in a research note on Friday, August 5th. HC Wainwright reiterated a “buy” rating and issued a $75.00 price target on shares of Cytokinetics in a research note on Tuesday, May 24th. Finally, Mizuho increased their price target on shares of Cytokinetics from $54.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, May 16th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.33.
Cytokinetics Stock Performance
Shares of NASDAQ CYTK traded down $0.14 during mid-day trading on Tuesday, hitting $51.03. 652,253 shares of the company were exchanged, compared to its average volume of 1,170,359. The company has a quick ratio of 9.01, a current ratio of 9.01 and a debt-to-equity ratio of 1.77. The stock has a 50 day simple moving average of $46.00 and a 200-day simple moving average of $41.01. Cytokinetics has a 1-year low of $29.10 and a 1-year high of $54.74. The firm has a market cap of $4.80 billion, a price-to-earnings ratio of -19.70 and a beta of 1.14.
Cytokinetics (NASDAQ:CYTK – Get Rating) last issued its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.81. Cytokinetics had a negative return on equity of 118.37% and a negative net margin of 142.85%. The firm had revenue of $88.97 million during the quarter, compared to the consensus estimate of $3.73 million. During the same period last year, the company earned ($0.86) earnings per share. The company’s revenue for the quarter was up 3029.4% on a year-over-year basis. On average, sell-side analysts forecast that Cytokinetics will post -3.71 EPS for the current fiscal year.
Insider Transactions at Cytokinetics
In other news, EVP Fady Ibraham Malik sold 21,500 shares of the stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $43.43, for a total transaction of $933,745.00. Following the sale, the executive vice president now owns 168,346 shares of the company’s stock, valued at $7,311,266.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Fady Ibraham Malik sold 21,500 shares of the stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $43.43, for a total transaction of $933,745.00. Following the sale, the executive vice president now owns 168,346 shares of the company’s stock, valued at $7,311,266.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 10,000 shares of the stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $44.38, for a total transaction of $443,800.00. Following the sale, the chief executive officer now directly owns 409,472 shares in the company, valued at approximately $18,172,367.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,500 shares of company stock valued at $3,108,445. 5.00% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Cytokinetics
Hedge funds have recently modified their holdings of the stock. Advisor Group Holdings Inc. lifted its holdings in Cytokinetics by 23.4% in the fourth quarter. Advisor Group Holdings Inc. now owns 5,163 shares of the biopharmaceutical company’s stock valued at $235,000 after acquiring an additional 979 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Cytokinetics by 16.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 18,415 shares of the biopharmaceutical company’s stock valued at $839,000 after acquiring an additional 2,650 shares during the period. ProShare Advisors LLC lifted its holdings in Cytokinetics by 5.3% in the fourth quarter. ProShare Advisors LLC now owns 31,762 shares of the biopharmaceutical company’s stock valued at $1,448,000 after acquiring an additional 1,601 shares during the period. First Trust Advisors LP acquired a new stake in Cytokinetics in the fourth quarter valued at $7,023,000. Finally, Swiss National Bank lifted its holdings in Cytokinetics by 2.0% in the fourth quarter. Swiss National Bank now owns 165,300 shares of the biopharmaceutical company’s stock valued at $7,534,000 after acquiring an additional 3,200 shares during the period.
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.