Cytokinetics, Incorporated (NASDAQ:CYTK) Sees Large Decrease in Short Interest

Cytokinetics, Incorporated (NASDAQ:CYTK) saw a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 14,590,000 shares, a drop of 7.0% from the October 31st total of 15,690,000 shares. Based on an average daily volume of 1,240,000 shares, the days-to-cover ratio is presently 11.8 days. Currently, 12.8% of the company’s stock are sold short.

Cytokinetics Price Performance

Shares of CYTK stock traded up $0.88 during midday trading on Tuesday, reaching $51.51. 1,100,421 shares of the company were exchanged, compared to its average volume of 2,030,498. The company’s 50 day moving average price is $53.18 and its two-hundred day moving average price is $54.28. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. Cytokinetics has a 12 month low of $32.50 and a 12 month high of $110.25.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The business had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $1.21 million. During the same period in the prior year, the firm posted ($1.35) earnings per share. The business’s quarterly revenue was up 22.5% compared to the same quarter last year. As a group, analysts forecast that Cytokinetics will post -5.25 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Mizuho boosted their target price on shares of Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. boosted their price objective on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a report on Wednesday, September 4th. Royal Bank of Canada started coverage on Cytokinetics in a report on Friday, November 8th. They issued an “outperform” rating and a $80.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research note on Monday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.93.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $50.55, for a total value of $252,750.00. Following the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at $20,091,400.80. This represents a 1.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $52.10, for a total transaction of $380,330.00. Following the sale, the executive vice president now directly owns 118,920 shares of the company’s stock, valued at $6,195,732. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 64,994 shares of company stock valued at $3,427,975 over the last three months. 3.40% of the stock is owned by company insiders.

Institutional Trading of Cytokinetics

Hedge funds and other institutional investors have recently made changes to their positions in the business. J.Safra Asset Management Corp lifted its position in shares of Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after acquiring an additional 456 shares during the last quarter. UMB Bank n.a. raised its position in shares of Cytokinetics by 65.6% during the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 238 shares during the period. Blue Trust Inc. lifted its holdings in shares of Cytokinetics by 225.9% during the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 680 shares during the last quarter. Values First Advisors Inc. purchased a new position in Cytokinetics in the 3rd quarter worth about $54,000. Finally, Quarry LP raised its holdings in Cytokinetics by 233.3% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock worth $108,000 after buying an additional 1,400 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.