Cytokinetics (NASDAQ:CYTK) Reaches New 1-Year Low - Here's What Happened

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $40.53 and last traded at $42.18, with a volume of 1785867 shares. The stock had previously closed at $41.56.

Wall Street Analyst Weigh In

CYTK has been the subject of several analyst reports. Mizuho raised their target price on shares of Cytokinetics from $99.00 to $103.00 and gave the stock an "outperform" rating in a report on Thursday, November 21st. Morgan Stanley upgraded shares of Cytokinetics from an "equal weight" rating to an "overweight" rating and lowered their target price for the stock from $70.00 to $67.00 in a report on Thursday. Royal Bank of Canada raised their target price on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an "outperform" rating in a report on Wednesday, December 18th. Evercore ISI upgraded shares of Cytokinetics to a "strong-buy" rating in a report on Friday, February 7th. Finally, HC Wainwright reiterated a "buy" rating and set a $120.00 price objective on shares of Cytokinetics in a report on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $82.00.

Cytokinetics Stock Up 10.9 %

The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. The firm has a market cap of $5.45 billion, a PE ratio of -8.58 and a beta of 0.83. The business's 50-day simple moving average is $47.52 and its 200 day simple moving average is $51.81.

Insider Transactions at Cytokinetics

In other news, Director Wendall Wierenga sold 742 shares of Cytokinetics stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $48.61, for a total value of $36,068.62. Following the transaction, the director now owns 24,559 shares of the company's stock, valued at $1,193,812.99. The trade was a 2.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $50.55, for a total transaction of $252,750.00. Following the completion of the transaction, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $20,091,400.80. The trade was a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,122 shares of company stock valued at $1,654,806 in the last 90 days. Insiders own 3.40% of the company's stock.

Institutional Trading of Cytokinetics

Large investors have recently bought and sold shares of the stock. Van ECK Associates Corp grew its position in Cytokinetics by 21.3% during the 3rd quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company's stock worth $3,802,000 after purchasing an additional 12,565 shares during the last quarter. Westfield Capital Management Co. LP grew its position in Cytokinetics by 38.9% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company's stock worth $64,040,000 after purchasing an additional 339,373 shares during the last quarter. Harvey Capital Management Inc. purchased a new stake in Cytokinetics during the 4th quarter worth approximately $1,040,000. Charles Schwab Investment Management Inc. grew its position in Cytokinetics by 42.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company's stock worth $69,769,000 after purchasing an additional 395,709 shares during the last quarter. Finally, abrdn plc grew its position in Cytokinetics by 29.4% during the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company's stock worth $21,192,000 after purchasing an additional 102,457 shares during 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.