Cytokinetics, Incorporated (CYTK) Hits New 1-Year Low on Analyst Downgrade

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) reached a new 52-week low on Tuesday after ValuEngine downgraded the stock from a hold rating to a sell rating. The company traded as low as $8.08 and last traded at $8.00, with a volume of 5150360 shares. The stock had previously closed at $11.10.

Other analysts have also issued research reports about the company. BidaskClub upgraded Cytokinetics, from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price target on shares of Cytokinetics, in a research report on Friday, October 27th. Zacks Investment Research raised Cytokinetics, from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research report on Monday, August 7th. Cowen and Company reaffirmed a “buy” rating and set a $19.00 price target on shares of Cytokinetics, in a research report on Friday, August 4th. Finally, Seaport Global Securities reaffirmed a “buy” rating and set a $24.00 price target on shares of Cytokinetics, in a research report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $20.27.

In related news, SVP Bradley Paul Morgan sold 118,330 shares of the business’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $15.00, for a total value of $1,774,950.00. Following the completion of the sale, the senior vice president now directly owns 63,107 shares of the company’s stock, valued at $946,605. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Caryn Gordon Mcdowell sold 10,131 shares of the business’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $14.60, for a total transaction of $147,912.60. Following the completion of the sale, the insider now directly owns 19,801 shares of the company’s stock, valued at $289,094.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 178,223 shares of company stock valued at $2,639,239. Corporate insiders own 7.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of CYTK. Goldman Sachs Group Inc. increased its stake in shares of Cytokinetics, by 456.1% during the second quarter. Goldman Sachs Group Inc. now owns 286,018 shares of the biopharmaceutical company’s stock worth $3,461,000 after acquiring an additional 234,588 shares during the period. Prudential Financial Inc. purchased a new position in shares of Cytokinetics, during the second quarter valued at approximately $913,000. Swiss National Bank purchased a new position in shares of Cytokinetics, during the second quarter valued at approximately $697,000. Ameriprise Financial Inc. purchased a new position in shares of Cytokinetics, during the second quarter valued at approximately $2,914,000. Finally, Janus Henderson Group PLC purchased a new position in shares of Cytokinetics, during the second quarter valued at approximately $32,488,000. Institutional investors own 71.92% of the company’s stock.

The company has a quick ratio of 7.60, a current ratio of 7.60 and a debt-to-equity ratio of 0.14.

Cytokinetics, (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, October 26th. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.64) by $0.04. The business had revenue of $6.18 million for the quarter, compared to the consensus estimate of $5.35 million. Cytokinetics, had a negative net margin of 172.27% and a negative return on equity of 62.64%. sell-side analysts forecast that Cytokinetics, Incorporated will post -2.4 earnings per share for the current year.

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Cytokinetics, Company Profile

Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.

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