Short Interest in Cytokinetics, Incorporated (NASDAQ:CYTK) Drops By 10.6%

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 13,230,000 shares, a drop of 10.6% from the March 15th total of 14,800,000 shares. Based on an average trading volume of 3,170,000 shares, the days-to-cover ratio is presently 4.2 days. Currently, 13.3% of the shares of the stock are short sold.

Insider Buying and Selling at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the completion of the transaction, the executive vice president now owns 138,567 shares of the company's stock, valued at approximately $10,296,913.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cytokinetics news, CEO Robert I. Blum sold 12,500 shares of Cytokinetics stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $81.42, for a total value of $1,017,750.00. Following the completion of the sale, the chief executive officer now owns 441,797 shares in the company, valued at approximately $35,971,111.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total value of $2,422,877.55. Following the completion of the sale, the executive vice president now owns 138,567 shares of the company's stock, valued at approximately $10,296,913.77. The disclosure for this sale can be found here. Over the last quarter, insiders sold 127,814 shares of company stock valued at $9,605,955. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Belpointe Asset Management LLC lifted its position in Cytokinetics by 76.2% during the first quarter. Belpointe Asset Management LLC now owns 786 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 340 shares during the period. Advisory Services Network LLC bought a new position in shares of Cytokinetics in the fourth quarter worth about $79,000. GAMMA Investing LLC bought a new position in shares of Cytokinetics in the fourth quarter worth about $80,000. Natixis bought a new position in shares of Cytokinetics in the fourth quarter worth about $73,000. Finally, Chilton Capital Management LLC bought a new position in shares of Cytokinetics in the first quarter worth about $80,000.

Cytokinetics Price Performance

Shares of NASDAQ CYTK traded down $3.56 during midday trading on Monday, hitting $68.00. The stock had a trading volume of 1,516,923 shares, compared to its average volume of 3,122,778. The company's 50-day simple moving average is $72.17 and its 200 day simple moving average is $57.59. The firm has a market cap of $7.11 billion, a P/E ratio of -13.17 and a beta of 0.68. Cytokinetics has a fifty-two week low of $25.98 and a fifty-two week high of $110.25.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) EPS for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.35). The company had revenue of $1.70 million during the quarter, compared to analyst estimates of $7.62 million. During the same period in the previous year, the business posted ($1.45) earnings per share. The firm's revenue for the quarter was down 10.5% compared to the same quarter last year. Equities analysts expect that Cytokinetics will post -4.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Raymond James lifted their price target on Cytokinetics from $63.00 to $92.00 and gave the company an "outperform" rating in a report on Thursday, December 28th. UBS Group cut Cytokinetics from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $61.00 to $92.00 in a report on Wednesday, January 24th. Truist Financial reiterated a "buy" rating and set a $86.00 target price on shares of Cytokinetics in a report on Monday, April 8th. StockNews.com cut Cytokinetics from a "hold" rating to a "sell" rating in a report on Friday, January 5th. Finally, Oppenheimer reiterated an "outperform" rating and set a $107.00 target price on shares of Cytokinetics in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, Cytokinetics currently has a consensus rating of "Moderate Buy" and an average target price of $79.33.

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.