Cytokinetics (NASDAQ:CYTK) Sets New 52-Week Low – Should You Sell?

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $45.17 and last traded at $45.47, with a volume of 328043 shares trading hands. The stock had previously closed at $47.37.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CYTK shares. Royal Bank of Canada increased their price target on Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 18th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. HC Wainwright reaffirmed a “buy” rating on shares of Cytokinetics in a research note on Friday. Needham & Company LLC restated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a report on Monday, December 2nd. Finally, Mizuho raised their target price on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $83.64.

Cytokinetics Price Performance

The stock has a market cap of $5.49 billion, a price-to-earnings ratio of -8.64 and a beta of 0.82. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The company has a 50-day simple moving average of $50.53 and a two-hundred day simple moving average of $53.52.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data 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 firm had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. The firm’s revenue was up 22.5% on a year-over-year basis. During the same period last year, the firm posted ($1.35) earnings per share. As a group, equities research analysts forecast that Cytokinetics, Incorporated will post -5.25 EPS for the current year.

Insider Activity at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.19, for a total transaction of $395,587.00. Following the sale, the executive vice president now directly owns 116,920 shares in the company, valued at $6,335,894.80. This trade represents a 5.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction on Friday, November 1st. The stock was sold at an average price of $51.63, for a total transaction of $258,150.00. Following the transaction, the chief executive officer now owns 397,456 shares in the company, valued at approximately $20,520,653.28. This trade represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 57,516 shares of company stock valued at $3,004,383 over the last ninety days. 3.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. UMB Bank n.a. lifted its stake in shares of Cytokinetics by 65.6% in the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 238 shares during the period. Blue Trust Inc. raised 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 period. Values First Advisors Inc. bought a new position in shares of Cytokinetics during the 3rd quarter worth about $54,000. Quarry LP grew its stake in shares of Cytokinetics by 233.3% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after buying an additional 1,400 shares during the period. Finally, Avior Wealth Management LLC increased its position in Cytokinetics by 57.1% in the 3rd quarter. Avior Wealth Management LLC now owns 3,999 shares of the biopharmaceutical company’s stock valued at $211,000 after buying an additional 1,454 shares in the last quarter.

Cytokinetics Company Profile

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.