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

Cytokinetics, Incorporated (NASDAQ:CYTK)’s share price hit a new 52-week low on Monday . The company traded as low as $39.81 and last traded at $40.12, with a volume of 685480 shares changing hands. The stock had previously closed at $43.19.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CYTK. Needham & Company LLC reissued a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a report on Thursday, February 6th. Morgan Stanley set a $67.00 price target on shares of Cytokinetics in a report on Friday, March 7th. Stifel Nicolaus assumed coverage on Cytokinetics in a report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price target on the stock. Evercore ISI raised shares of Cytokinetics to a “strong-buy” rating in a research note on Friday, February 7th. Finally, Royal Bank of Canada upped their target price on Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus target price of $82.00.

Cytokinetics Stock Performance

The firm’s 50 day moving average is $45.75 and its 200-day moving average is $49.52. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of -7.47 and a beta of 0.95. 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 posted its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) EPS for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. The business had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million. Analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In other news, CEO Robert I. Blum sold 16,970 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $43.44, for a total transaction of $737,176.80. Following the sale, the chief executive officer now owns 364,181 shares of the company’s stock, valued at approximately $15,820,022.64. This represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $45.92, for a total value of $91,840.00. Following the transaction, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at $5,329,980.32. The trade was a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,834 shares of company stock valued at $1,949,275. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp boosted its stake in Cytokinetics by 189.8% during the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 374 shares during the period. Centricity Wealth Management LLC purchased a new stake in shares of Cytokinetics in the fourth quarter valued at approximately $29,000. AlphaQuest LLC grew its stake in shares of Cytokinetics by 113,500.0% during the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 1,135 shares during the period. J.Safra Asset Management Corp lifted its position in shares of Cytokinetics by 62.1% during the 4th quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company’s stock valued at $83,000 after acquiring an additional 671 shares during the period. Finally, Blue Trust Inc. grew its holdings in shares of Cytokinetics by 85.8% in the 4th quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company’s stock worth $86,000 after acquiring an additional 842 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.