Cytokinetics (NASDAQ:CYTK) Reaches New 12-Month Low – Here’s Why

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) reached a new 52-week low during mid-day trading on Friday . The company 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.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CYTK shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Monday, December 2nd. HC Wainwright reissued a “buy” rating on shares of Cytokinetics in a research note on Friday. Mizuho upped their price target 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 objective on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $83.64.

Cytokinetics Stock Performance

The company has a market capitalization of $5.49 billion, a PE ratio of -8.64 and a beta of 0.82. The stock’s 50-day simple moving average is $50.53 and its 200 day simple moving average is $53.52. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28.

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 firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. The business’s quarterly revenue was up 22.5% on a year-over-year basis. During the same period in the prior year, the company posted ($1.35) earnings per share. As a group, research analysts expect that Cytokinetics, Incorporated will post -5.25 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.19, for a total transaction of $395,587.00. Following the transaction, the executive vice president now directly owns 116,920 shares in the company, valued at approximately $6,335,894.80. This trade represents a 5.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Wendall Wierenga sold 4,452 shares of Cytokinetics stock in a transaction on Monday, October 28th. The shares were sold at an average price of $52.25, for a total transaction of $232,617.00. Following the completion of the transaction, the director now owns 24,559 shares in the company, valued at approximately $1,283,207.75. This represents a 15.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 57,516 shares of company stock valued at $3,004,383 over the last ninety days. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

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