Cytokinetics Target of Unusually High Options Trading (NASDAQ:CYTK)

Cytokinetics, Incorporated (NASDAQ:CYTK) was the recipient of unusually large options trading activity on Monday. Stock investors bought 5,826 call options on the company. This is an increase of approximately 23% compared to the typical daily volume of 4,728 call options.

Cytokinetics Stock Down 2.7%

Cytokinetics stock traded down $1.94 during mid-day trading on Monday, hitting $69.54. 507,254 shares of the company’s stock were exchanged, compared to its average volume of 2,156,328. The company’s 50 day simple moving average is $69.97 and its 200-day simple moving average is $65.94. The firm has a market capitalization of $8.65 billion, a P/E ratio of -10.19 and a beta of 0.42. Cytokinetics has a fifty-two week low of $31.99 and a fifty-two week high of $80.20.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same quarter last year, the company earned ($1.36) earnings per share. The firm’s revenue was up 1112.5% compared to the same quarter last year. Research analysts expect that Cytokinetics will post -6.29 EPS for the current year.

Insider Activity

In other news, Director Edward M. Md Kaye sold 2,933 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $76.09, for a total transaction of $223,171.97. Following the transaction, the director directly owned 10,283 shares in the company, valued at approximately $782,433.47. This represents a 22.19% decrease in their ownership of the stock. The sale 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 7,500 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $77.21, for a total transaction of $579,075.00. Following the sale, the chief executive officer directly owned 392,830 shares in the company, valued at $30,330,404.30. This trade represents a 1.87% 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 quarter, insiders have sold 168,489 shares of company stock worth $11,155,134. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cytokinetics

Several large investors have recently made changes to their positions in CYTK. EverSource Wealth Advisors LLC lifted its position in Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Cytokinetics in the fourth quarter valued at about $27,000. Kestra Advisory Services LLC bought a new stake in shares of Cytokinetics in the fourth quarter valued at about $29,000. Quarry LP acquired a new position in shares of Cytokinetics during the third quarter worth about $30,000. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of Cytokinetics during the fourth quarter worth about $32,000.

Wall Street Analyst Weigh In

CYTK has been the topic of several research reports. JPMorgan Chase & Co. upped their price objective on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Leerink Partners reissued an “outperform” rating on shares of Cytokinetics in a research note on Tuesday, March 10th. Citizens Jmp boosted their target price on Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research report on Wednesday, February 25th. Needham & Company LLC upped their price target on Cytokinetics from $85.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Finally, Morgan Stanley raised their price target on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $99.30.

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.