Cytokinetics, Inc. (NASDAQ:CYTK) dropped 6.8% during mid-day trading on Thursday . The company traded as low as $7.74 and last traded at $7.78. Approximately 1,053,248 shares changed hands during trading, an increase of 219% from the average daily volume of 329,931 shares. The stock had previously closed at $8.35.

CYTK has been the topic of a number of recent analyst reports. BidaskClub upgraded shares of Cytokinetics from a “hold” rating to a “buy” rating in a report on Saturday, July 7th. Zacks Investment Research upgraded shares of Cytokinetics from a “hold” rating to a “buy” rating and set a $10.00 price target on the stock in a report on Saturday, July 14th. HC Wainwright set a $24.00 price target on shares of Cytokinetics and gave the company a “buy” rating in a report on Friday, July 27th. Morgan Stanley lowered shares of Cytokinetics from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $18.00 to $9.00 in a report on Wednesday, August 1st. Finally, ValuEngine lowered shares of Cytokinetics from a “hold” rating to a “sell” rating in a report on Friday, August 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $13.00.

The stock has a market cap of $425.01 million, a P/E ratio of -2.80 and a beta of 1.42. The company has a current ratio of 8.95, a quick ratio of 8.95 and a debt-to-equity ratio of 0.41.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, July 26th. The biopharmaceutical company reported ($0.51) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.51). The company had revenue of $6.22 million for the quarter, compared to analysts’ expectations of $5.54 million. As a group, sell-side analysts predict that Cytokinetics, Inc. will post -2.06 EPS for the current fiscal year.

In related news, CEO Robert I. Blum sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $7.94, for a total transaction of $31,760.00. Following the transaction, the chief executive officer now directly owns 164,022 shares of the company’s stock, valued at $1,302,334.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 16,500 shares of company stock worth $129,505 over the last ninety days. 5.10% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in CYTK. JPMorgan Chase & Co. grew its position in Cytokinetics by 28.6% during the first quarter. JPMorgan Chase & Co. now owns 112,399 shares of the biopharmaceutical company’s stock valued at $809,000 after purchasing an additional 25,014 shares in the last quarter. Principal Financial Group Inc. grew its position in Cytokinetics by 2.5% during the first quarter. Principal Financial Group Inc. now owns 397,603 shares of the biopharmaceutical company’s stock valued at $2,863,000 after purchasing an additional 9,786 shares in the last quarter. UBS Group AG grew its position in Cytokinetics by 226.7% during the first quarter. UBS Group AG now owns 54,910 shares of the biopharmaceutical company’s stock valued at $396,000 after purchasing an additional 38,105 shares in the last quarter. A.R.T. Advisors LLC purchased a new position in Cytokinetics during the first quarter valued at approximately $350,000. Finally, Millennium Management LLC grew its position in Cytokinetics by 282.2% during the first quarter. Millennium Management LLC now owns 102,172 shares of the biopharmaceutical company’s stock valued at $736,000 after purchasing an additional 75,442 shares in the last quarter. 68.39% of the stock is currently owned by hedge funds and other institutional investors.

About Cytokinetics (NASDAQ:CYTK)

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.

See Also: 52-Week High/Low

Receive News & Ratings for Cytokinetics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cytokinetics and related companies with MarketBeat.com's FREE daily email newsletter.