Cytokinetics (NASDAQ:CYTK) Shares Gap Down on Analyst Downgrade

Cytokinetics, Incorporated (NASDAQ:CYTK) shares gapped down prior to trading on Thursday after Bank of America lowered their price target on the stock from $70.00 to $60.00. The stock had previously closed at $59.23, but opened at $49.25. Bank of America currently has a neutral rating on the stock. Cytokinetics shares last traded at $48.75, with a volume of 4,929,471 shares trading hands.

Other research analysts have also recently issued reports about the stock. UBS Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $61.00 to $92.00 in a research report on Wednesday, January 24th. JMP Securities dropped their price target on Cytokinetics from $110.00 to $106.00 and set a “market outperform” rating on the stock in a research report on Thursday, May 9th. Oppenheimer reduced their price objective on Cytokinetics from $107.00 to $106.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Mizuho lowered their price objective on Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, March 6th. Finally, Barclays cut their target price on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $77.47.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 32,605 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total value of $2,422,877.55. Following the transaction, the executive vice president now directly owns 138,567 shares of the company’s stock, valued at $10,296,913.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director John T. Henderson sold 10,562 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $64.54, for a total transaction of $681,671.48. Following the completion of the transaction, the director now directly owns 32,070 shares in the company, valued at approximately $2,069,797.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Fady Ibraham Malik sold 32,605 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the sale, the executive vice president now owns 138,567 shares in the company, valued at approximately $10,296,913.77. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,318 shares of company stock worth $6,319,540. 3.40% of the stock is owned by insiders.

Institutional Trading of Cytokinetics

A number of hedge funds and other institutional investors have recently modified their holdings of CYTK. Vanguard Group Inc. lifted its stake in shares of Cytokinetics by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock valued at $919,800,000 after buying an additional 273,565 shares in the last quarter. First Turn Management LLC bought a new position in shares of Cytokinetics in the fourth quarter worth about $67,414,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Cytokinetics by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock worth $65,955,000 after acquiring an additional 33,257 shares during the period. Westfield Capital Management Co. LP purchased a new stake in shares of Cytokinetics during the first quarter worth about $51,277,000. Finally, Norges Bank bought a new stake in Cytokinetics during the 4th quarter valued at approximately $60,299,000.

Cytokinetics Stock Performance

The company has a market capitalization of $5.14 billion, a PE ratio of -9.07 and a beta of 0.72. The stock has a fifty day moving average of $66.14 and a 200 day moving average of $63.45.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The firm had revenue of $0.84 million for the quarter, compared to analysts’ expectations of $0.91 million. The business’s quarterly revenue was down 81.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.38) earnings per share. As a group, equities analysts predict that Cytokinetics, Incorporated will post -4.73 EPS for the current year.

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.