Cytokinetics (NASDAQ:CYTK) Stock Sees Unusually High Call Option Buying

Cytokinetics, Incorporated (NASDAQ:CYTK) was the recipient of some unusual options trading on Thursday. Investors purchased 15,262 call options on the company. This is an increase of 1,048% compared to the typical volume of 1,329 call options.

Cytokinetics Trading Down 3.8%

NASDAQ:CYTK traded down $2.21 on Thursday, reaching $56.32. The stock had a trading volume of 649,233 shares, compared to its average volume of 2,118,352. The company has a 50-day moving average of $64.78 and a 200 day moving average of $69.86. The stock has a market cap of $7.85 billion, a P/E ratio of -9.32 and a beta of 0.45. Cytokinetics has a 12-month low of $53.55 and a 12-month high of $88.31.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) EPS for the quarter, topping analysts’ consensus estimates of ($1.43) by $0.06. The firm had revenue of $47.56 million during the quarter, compared to analyst estimates of $41.88 million. The firm’s revenue for the quarter was up 2356.5% on a year-over-year basis. During the same quarter last year, the business posted ($2.55) earnings per share. On average, equities analysts predict that Cytokinetics will post -5.85 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on CYTK. William Blair initiated coverage on Cytokinetics in a report on Friday, October 16th. They set an “outperform” rating on the stock. Wall Street Zen upgraded Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, November 7th. Truist Financial increased their price objective on Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Barclays lifted their price objective on Cytokinetics from $95.00 to $110.00 and gave the stock an “overweight” rating in a research report on Thursday, August 13th. Finally, Needham & Company LLC boosted their target price on shares of Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Nineteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $106.67.

Insider Activity at Cytokinetics

In other news, EVP Fady Malik sold 3,500 shares of Cytokinetics stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $75.46, for a total transaction of $264,110.00. Following the sale, the executive vice president owned 153,902 shares in the company, valued at approximately $11,613,444.92. The trade was a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 97,926 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $69.33, for a total transaction of $6,789,209.58. Following the completion of the sale, the chief executive officer owned 385,320 shares of the company’s stock, valued at approximately $26,714,235.60. This trade represents a 20.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 173,426 shares of company stock valued at $11,934,640. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CYTK. First Trust Advisors LP increased its position in shares of Cytokinetics by 7.5% during the 3rd quarter. First Trust Advisors LP now owns 126,957 shares of the biopharmaceutical company’s stock valued at $8,368,000 after purchasing an additional 8,808 shares during the period. GW&K Investment Management LLC grew its holdings in Cytokinetics by 11.1% during the third quarter. GW&K Investment Management LLC now owns 1,017,714 shares of the biopharmaceutical company’s stock worth $67,078,000 after acquiring an additional 101,607 shares during the period. Private Advisor Group LLC raised its position in Cytokinetics by 27.5% in the third quarter. Private Advisor Group LLC now owns 9,233 shares of the biopharmaceutical company’s stock worth $609,000 after acquiring an additional 1,991 shares in the last quarter. Voya Investment Management LLC boosted its position in shares of Cytokinetics by 26.7% during the 3rd quarter. Voya Investment Management LLC now owns 467,096 shares of the biopharmaceutical company’s stock valued at $30,786,000 after purchasing an additional 98,398 shares in the last quarter. Finally, Impax Asset Management Group plc grew its stake in shares of Cytokinetics by 21.2% in the 3rd quarter. Impax Asset Management Group plc now owns 200,000 shares of the biopharmaceutical company’s stock worth $13,182,000 after purchasing an additional 35,000 shares during the last quarter.

Cytokinetics Company Profile

Cytokinetics is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. Its research centers on therapies for conditions involving impaired cardiac muscle performance. The company’s work includes aficamten, a cardiac myosin inhibitor developed for hypertrophic cardiomyopathy, and other drug candidates designed to affect muscle contraction. Cytokinetics conducts research and clinical development through programs that may involve patients and collaborators in multiple countries.