Cytokinetics (NASDAQ:CYTK) Stock Price Down 3.2%

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) fell 3.2% during trading on Monday . The stock traded as low as $63.14 and last traded at $63.22. 375,780 shares changed hands during trading, a decline of 87% from the average session volume of 2,868,481 shares. The stock had previously closed at $65.34.

Wall Street Analysts Forecast Growth

CYTK has been the subject of several recent research reports. Mizuho reduced their target price on shares of Cytokinetics from $103.00 to $99.00 and set a "buy" rating for the company in a research note on Wednesday, March 6th. Morgan Stanley restated an "equal weight" rating and set a $90.00 target price (up previously from $60.00) on shares of Cytokinetics in a research report on Friday, January 5th. UBS Group cut Cytokinetics from a "buy" rating to a "neutral" rating and lifted their price target for the company from $61.00 to $92.00 in a research report on Wednesday, January 24th. Truist Financial reissued a "buy" rating and set a $86.00 price objective on shares of Cytokinetics in a report on Monday, April 8th. Finally, StockNews.com lowered Cytokinetics from a "hold" rating to a "sell" rating in a report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $79.33.

Cytokinetics Stock Performance

The stock has a 50-day moving average of $69.62 and a two-hundred day moving average of $60.37. The company has a market cap of $6.54 billion, a P/E ratio of -11.47 and a beta of 0.68.

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

Insider Transactions at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 32,605 shares of the firm's stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $79.30, for a total value of $2,585,576.50. Following the transaction, the executive vice president now owns 142,973 shares in the company, valued at $11,337,758.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Robert I. Blum sold 12,500 shares of the business's stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $79.57, for a total transaction of $994,625.00. Following the transaction, the chief executive officer now directly owns 441,797 shares of the company's stock, valued at $35,153,787.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Fady Ibraham Malik sold 32,605 shares of the firm's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $79.30, for a total value of $2,585,576.50. Following the completion of the sale, the executive vice president now directly owns 142,973 shares of the company's stock, valued at approximately $11,337,758.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 125,876 shares of company stock worth $9,269,877. Company insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Cytokinetics

Institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in shares of Cytokinetics in the 3rd quarter valued at approximately $718,000. Peregrine Capital Management LLC grew its position in shares of Cytokinetics by 13.2% in the 3rd quarter. Peregrine Capital Management LLC now owns 204,664 shares of the biopharmaceutical company's stock worth $6,029,000 after buying an additional 23,936 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Cytokinetics by 11.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,580 shares of the biopharmaceutical company's stock worth $518,000 after acquiring an additional 1,815 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Cytokinetics by 0.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 51,684 shares of the biopharmaceutical company's stock worth $1,523,000 after acquiring an additional 359 shares in the last quarter. Finally, Inspire Investing LLC boosted its stake in Cytokinetics by 7.8% during the third quarter. Inspire Investing LLC now owns 10,364 shares of the biopharmaceutical company's stock worth $305,000 after acquiring an additional 753 shares in the last quarter.

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.