Cytokinetics (NASDAQ:CYTK) Shares Gap Up - What's Next?

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $37.50, but opened at $42.01. Cytokinetics shares last traded at $43.43, with a volume of 1,003,296 shares traded.

Analyst Upgrades and Downgrades

Several research firms recently commented on CYTK. Morgan Stanley set a $67.00 price objective on shares of Cytokinetics in a research note on Friday, March 7th. Citigroup started coverage on Cytokinetics in a report on Friday, February 7th. They set a "buy" rating and a $86.00 price target for the company. JMP Securities reaffirmed a "market outperform" rating and issued a $78.00 target price on shares of Cytokinetics in a report on Friday, February 7th. Royal Bank of Canada boosted 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. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $72.00 price objective on shares of Cytokinetics in a research report on Thursday, February 6th. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Cytokinetics has an average rating of "Moderate Buy" and an average target price of $82.00.

Cytokinetics Stock Down 6.8 %

The company has a market capitalization of $4.12 billion, a PE ratio of -6.57 and a beta of 0.94. 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's fifty day moving average is $44.93 and its 200-day moving average is $48.93.

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

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 15,000 shares of Cytokinetics stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $40.75, for a total value of $611,250.00. Following the sale, the chief executive officer now owns 427,629 shares of the company's stock, valued at $17,425,881.75. The trade was a 3.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Andrew Callos sold 3,341 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $43.27, for a total value of $144,565.07. Following the transaction, the executive vice president now owns 64,434 shares of the company's stock, valued at $2,788,059.18. This represents a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,284 shares of company stock worth $2,578,268 in the last 90 days. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds have recently bought and sold shares of CYTK. Jones Financial Companies Lllp increased its holdings in shares of Cytokinetics by 189.8% in the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company's stock worth $27,000 after buying an additional 374 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in Cytokinetics in the fourth quarter worth about $29,000. AlphaQuest LLC grew its position in Cytokinetics by 113,500.0% in the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company's stock worth $53,000 after acquiring an additional 1,135 shares in the last quarter. J.Safra Asset Management Corp increased its stake in Cytokinetics by 62.1% during the fourth quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company's stock worth $83,000 after acquiring an additional 671 shares during the last quarter. Finally, Blue Trust Inc. raised its position in Cytokinetics by 85.8% during the fourth quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company's stock valued at $86,000 after purchasing an additional 842 shares during the period.

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.