Short Interest in Cytokinetics, Incorporated (NASDAQ:CYTK) Declines By 10.6%

Cytokinetics, Incorporated (NASDAQ:CYTK) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 13,230,000 shares, a decline of 10.6% from the March 15th total of 14,800,000 shares. Based on an average daily volume of 3,170,000 shares, the short-interest ratio is presently 4.2 days. Approximately 13.3% of the shares of the stock are sold short.

Cytokinetics Stock Up 1.5 %

Shares of NASDAQ CYTK opened at $69.00 on Wednesday. Cytokinetics has a fifty-two week low of $25.98 and a fifty-two week high of $110.25. The business has a 50 day moving average price of $71.71 and a two-hundred day moving average price of $58.13. The firm has a market cap of $7.22 billion, a PE ratio of -12.66 and a beta of 0.68.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.35). The business had revenue of $1.70 million for the quarter, compared to analysts’ expectations of $7.62 million. Cytokinetics’s revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the business earned ($1.45) EPS. On average, analysts anticipate that Cytokinetics will post -4.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

CYTK has been the topic of a number of research analyst reports. UBS Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and raised their price target for the stock from $61.00 to $92.00 in a research note on Wednesday, January 24th. Raymond James boosted their target price on shares of Cytokinetics from $63.00 to $92.00 and gave the company an “outperform” rating in a report on Thursday, December 28th. Morgan Stanley reaffirmed an “equal weight” rating and set a $90.00 price target (up previously from $60.00) on shares of Cytokinetics in a research note on Friday, January 5th. Needham & Company LLC reissued a “buy” rating and set a $108.00 price objective on shares of Cytokinetics in a research note on Tuesday, April 9th. Finally, StockNews.com lowered Cytokinetics from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and an average price target of $79.33.

Insider Buying and Selling

In related news, CEO Robert I. Blum sold 12,500 shares of Cytokinetics stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $79.57, for a total transaction of $994,625.00. Following the completion of the sale, the chief executive officer now owns 441,797 shares in the company, valued at approximately $35,153,787.29. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Robert I. Blum sold 12,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $79.57, for a total transaction of $994,625.00. Following the transaction, the chief executive officer now owns 441,797 shares of the company’s stock, valued at $35,153,787.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $79.30, for a total transaction of $2,585,576.50. Following the completion of the sale, the executive vice president now directly owns 142,973 shares of the company’s stock, valued at $11,337,758.90. The disclosure for this sale can be found here. Insiders sold 127,814 shares of company stock worth $9,605,955 in the last ninety days. Insiders own 3.80% of the company’s stock.

Institutional Trading of Cytokinetics

Several institutional investors and hedge funds have recently bought and sold shares of CYTK. Belpointe Asset Management LLC increased its holdings in shares of Cytokinetics by 76.2% in the 1st quarter. Belpointe Asset Management LLC now owns 786 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 340 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its stake in Cytokinetics by 96.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,463 shares of the biopharmaceutical company’s stock valued at $73,000 after purchasing an additional 1,209 shares during the last quarter. Natixis acquired a new stake in shares of Cytokinetics during the fourth quarter worth $73,000. Advisory Services Network LLC bought a new position in shares of Cytokinetics in the 4th quarter worth about $79,000. Finally, GAMMA Investing LLC acquired a new position in shares of Cytokinetics in the 4th quarter valued at about $80,000.

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.