Cytokinetics (NASDAQ:CYTK) Shares Gap Down on Analyst Downgrade

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) gapped down before the market opened on Tuesday after Bank of America lowered their price target on the stock from $62.00 to $54.00. The stock had previously closed at $39.81, but opened at $38.91. Bank of America currently has a neutral rating on the stock. Cytokinetics shares last traded at $39.92, with a volume of 467,050 shares trading hands.

A number of other analysts have also weighed in on CYTK. Needham & Company LLC reissued a "buy" rating and issued a $72.00 price objective on shares of Cytokinetics in a research report on Tuesday, April 8th. JMP Securities reiterated a "market outperform" rating and issued a $78.00 price target on shares of Cytokinetics in a report on Thursday, April 10th. Evercore ISI upgraded Cytokinetics to a "strong-buy" rating in a report on Friday, February 7th. Royal Bank of Canada upped their price objective on Cytokinetics from $80.00 to $82.00 and gave the company an "outperform" rating in a research report on Wednesday, December 18th. Finally, Stifel Nicolaus began coverage on Cytokinetics in a research report on Wednesday, January 22nd. They set a "buy" rating and a $80.00 target price for the company. Two analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $81.63.

Insider Activity at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 16,970 shares of Cytokinetics stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $43.44, for a total value of $737,176.80. Following the transaction, the chief executive officer now owns 364,181 shares in the company, valued at $15,820,022.64. The trade was a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $45.92, for a total transaction of $91,840.00. Following the completion of the transaction, the executive vice president now owns 116,071 shares of the company's stock, valued at $5,329,980.32. This represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,360 shares of company stock valued at $2,890,065 over the last ninety days. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors have recently bought and sold shares of CYTK. Stifel Financial Corp lifted its holdings in shares of Cytokinetics by 8.5% during the 3rd quarter. Stifel Financial Corp now owns 25,067 shares of the biopharmaceutical company's stock valued at $1,324,000 after purchasing an additional 1,959 shares during the last quarter. Retirement Systems of Alabama raised its stake in Cytokinetics by 1.0% in the third quarter. Retirement Systems of Alabama now owns 142,930 shares of the biopharmaceutical company's stock valued at $7,547,000 after buying an additional 1,414 shares during the last quarter. Exome Asset Management LLC acquired a new stake in Cytokinetics in the third quarter worth about $3,093,000. Harbor Capital Advisors Inc. grew its stake in shares of Cytokinetics by 6.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 45,130 shares of the biopharmaceutical company's stock worth $2,123,000 after acquiring an additional 2,604 shares during the last quarter. Finally, Mirador Capital Partners LP increased its holdings in shares of Cytokinetics by 1.6% during the fourth quarter. Mirador Capital Partners LP now owns 65,636 shares of the biopharmaceutical company's stock valued at $3,088,000 after acquiring an additional 1,010 shares in the last quarter.

Cytokinetics Stock Up 0.8 %

The company's 50-day moving average is $42.63 and its 200 day moving average is $47.75. The stock has a market capitalization of $4.71 billion, a PE ratio of -7.34 and a beta of 0.94. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.29) by $0.03. The company had revenue of $16.93 million during the quarter, compared to analysts' expectations of $14.26 million. As a group, analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

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.