Cytokinetics, Incorporated (NASDAQ:CYTK) Short Interest Up 6.1% in April

Cytokinetics, Incorporated (NASDAQ:CYTK) saw a significant growth in short interest in April. As of April 15th, there was short interest totalling 14,040,000 shares, a growth of 6.1% from the March 31st total of 13,230,000 shares. Approximately 13.9% of the company’s stock are short sold. Based on an average daily volume of 2,030,000 shares, the days-to-cover ratio is currently 6.9 days.

Analyst Ratings Changes

CYTK has been the subject of a number of recent research reports. HC Wainwright reissued a “buy” rating and issued a $94.00 target price on shares of Cytokinetics in a research report on Wednesday, February 28th. Truist Financial reissued a “buy” rating and issued a $86.00 target price on shares of Cytokinetics in a research report on Monday, April 8th. StockNews.com downgraded Cytokinetics from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. Morgan Stanley reissued an “equal weight” rating and issued a $90.00 target price (up from $60.00) on shares of Cytokinetics in a research report on Friday, January 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $108.00 target price on shares of Cytokinetics in a research report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and an average target price of $79.33.

Cytokinetics Stock Up 3.3 %

Cytokinetics stock opened at $63.37 on Thursday. Cytokinetics has a 52 week low of $25.98 and a 52 week high of $110.25. The business has a 50-day simple moving average of $69.31 and a 200 day simple moving average of $60.56. The stock has a market cap of $6.63 billion, a price-to-earnings ratio of -11.63 and a beta of 0.68.

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

Insider Activity

In related news, EVP Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock in a transaction 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 sale, the executive vice president now directly owns 142,973 shares in the company, valued at $11,337,758.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock in a transaction 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 sale, the executive vice president now directly owns 142,973 shares in the company, valued at $11,337,758.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John T. Henderson sold 10,562 shares of Cytokinetics stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $64.54, for a total value of $681,671.48. Following the sale, the director now owns 32,070 shares in the company, valued at $2,069,797.80. The disclosure for this sale can be found here. Insiders have sold 113,376 shares of company stock worth $8,275,252 over the last 90 days. 3.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp boosted its holdings in shares of Cytokinetics by 94.1% in the 1st quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock worth $46,000 after purchasing an additional 318 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Cytokinetics by 96.4% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,463 shares of the biopharmaceutical company’s stock worth $73,000 after purchasing an additional 1,209 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of Cytokinetics in the 4th quarter worth about $80,000. Sage Rhino Capital LLC purchased a new position in shares of Cytokinetics in the 4th quarter worth about $204,000. Finally, Caprock Group LLC purchased a new position in shares of Cytokinetics in the 4th quarter worth about $216,000.

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.