Short Interest in Cytokinetics, Incorporated (NASDAQ:CYTK) Drops By 10.3%

by · The Markets Daily

Cytokinetics, Incorporated (NASDAQ:CYTK – Get Free Report) was the recipient of a large decline in short interest in October. As of October 15th, there was short interest totalling 15,540,000 shares, a decline of 10.3% from the September 30th total of 17,320,000 shares. Based on an average daily volume of 1,210,000 shares, the days-to-cover ratio is currently 12.8 days. Approximately 13.7% of the shares of the company are short sold.

Cytokinetics Trading Down 0.7 %

NASDAQ:CYTK traded down $0.37 on Thursday, reaching $50.94. 441,147 shares of the company’s stock were exchanged, compared to its average volume of 2,091,766. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93. The firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of -9.55 and a beta of 0.77. The business has a fifty day moving average of $54.50 and a 200-day moving average of $56.23. Cytokinetics has a 52-week low of $30.68 and a 52-week high of $110.25.

Cytokinetics (NASDAQ:CYTK – Get Free Report) last released its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The company had revenue of $0.25 million for the quarter, compared to analysts’ expectations of $7.61 million. The business’s revenue for the quarter was down 71.3% on a year-over-year basis. During the same quarter last year, the firm earned ($1.34) EPS. As a group, analysts expect that Cytokinetics will post -5.15 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Needham & Company LLC reissued a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research report on Thursday, October 17th. The Goldman Sachs Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price target for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Finally, HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.93.

Read Our Latest Report on Cytokinetics

Insider Activity

In other news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.03, for a total transaction of $285,150.00. Following the completion of the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at $22,666,915.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $53.71, for a total value of $392,083.00. Following the completion of the sale, the executive vice president now owns 121,704 shares of the company’s stock, valued at approximately $6,536,721.84. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total transaction of $285,150.00. Following the sale, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $22,666,915.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,784 shares of company stock valued at $3,323,317 in the last three months. 3.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds have recently added to or reduced their stakes in CYTK. Louisiana State Employees Retirement System lifted its holdings in shares of Cytokinetics by 0.6% during the third quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the biopharmaceutical company’s stock worth $1,721,000 after purchasing an additional 200 shares during the period. UMB Bank n.a. boosted its stake in Cytokinetics by 65.6% in the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 238 shares during the last quarter. First Bank & Trust boosted its stake in Cytokinetics by 4.7% in the 2nd quarter. First Bank & Trust now owns 6,757 shares of the biopharmaceutical company’s stock worth $366,000 after buying an additional 303 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Cytokinetics by 2.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 15,062 shares of the biopharmaceutical company’s stock worth $795,000 after buying an additional 430 shares during the last quarter. Finally, J.Safra Asset Management Corp boosted its stake in Cytokinetics by 642.3% in the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 456 shares during the last quarter.

About Cytokinetics

(Get Free Report)

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.

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