Cytokinetics Sees Unusually Large Options Volume (NASDAQ:CYTK)

Cytokinetics, Incorporated (NASDAQ:CYTK) was the target of unusually large options trading activity on Monday. Traders bought 5,826 call options on the stock. This represents an increase of 23% compared to the average daily volume of 4,728 call options.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Morgan Stanley lifted their price objective on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. UBS Group set a $119.00 price target on Cytokinetics in a report on Wednesday, May 6th. Robert W. Baird set a $84.00 price objective on Cytokinetics in a research report on Tuesday, March 10th. Finally, Stifel Nicolaus raised their price objective on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and a consensus target price of $99.30.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $77.37, for a total value of $270,795.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at $11,907,397.74. The trade was a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $74.08, for a total transaction of $370,400.00. Following the transaction, the director directly owned 15,784 shares in the company, valued at $1,169,278.72. The trade was a 24.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 168,489 shares of company stock worth $11,155,134. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Cytokinetics

Large investors have recently added to or reduced their stakes in the company. Woodline Partners LP raised its position in Cytokinetics by 676.1% in the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock valued at $90,559,000 after purchasing an additional 1,435,422 shares during the last quarter. Norges Bank bought a new stake in shares of Cytokinetics during the fourth quarter worth $51,281,000. Deep Track Capital LP increased its stake in shares of Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after buying an additional 650,000 shares in the last quarter. Siren L.L.C. acquired a new stake in shares of Cytokinetics in the first quarter valued at $40,466,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Cytokinetics by 151,987.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock valued at $35,949,000 after buying an additional 565,393 shares in the last quarter.

Cytokinetics Stock Down 2.7%

NASDAQ:CYTK traded down $1.94 during trading hours on Monday, reaching $69.54. The company had a trading volume of 507,254 shares, compared to its average volume of 2,156,328. The stock has a 50-day moving average of $69.97 and a two-hundred day moving average of $65.94. Cytokinetics has a one year low of $31.99 and a one year high of $80.20. The firm has a market capitalization of $8.65 billion, a PE ratio of -10.19 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. During the same period in the previous year, the business posted ($1.36) earnings per share. The firm’s revenue was up 1112.5% compared to the same quarter last year. As a group, sell-side analysts expect that Cytokinetics will post -6.29 earnings per share for the current year.

Cytokinetics Company Profile

Cytokinetics, Inc is a late?stage biopharmaceutical company focused on the discovery and development of novel small?molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.