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

Cytokinetics, Incorporated (NASDAQ:CYTK) was the target of unusually large options trading activity on Wednesday. Traders bought 8,379 call options on the company. This is an increase of approximately 79% compared to the average daily volume of 4,678 call options.

Cytokinetics Trading Down 2.7%

CYTK stock opened at $80.36 on Friday. Cytokinetics has a 12 month low of $32.89 and a 12 month high of $88.31. The company has a 50-day moving average price of $77.99 and a 200 day moving average price of $69.10. The stock has a market cap of $10.00 billion, a PE ratio of -11.75 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. The firm’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same quarter last year, the firm earned ($1.36) EPS. Sell-side analysts forecast that Cytokinetics will post -6.22 EPS for the current year.

Analysts Set New Price Targets

CYTK has been the topic of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research report on Monday, April 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $102.00 price target on shares of Cytokinetics in a research report on Wednesday, June 17th. Barclays increased their price objective on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. HC Wainwright raised their price objective on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Finally, Wells Fargo & Company boosted their target price on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $99.90.

Insider Buying and Selling at Cytokinetics

In other news, 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 of the company’s stock, valued at $1,169,278.72. This represents a 24.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the firm’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $86.62, for a total value of $303,170.00. Following the completion of the transaction, the executive vice president owned 153,902 shares in the company, valued at approximately $13,330,991.24. This trade represents a 2.22% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 135,536 shares of company stock worth $10,046,609. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently modified their holdings of the business. Kemnay Advisory Services Inc. purchased a new position in shares of Cytokinetics in the 4th quarter worth approximately $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Cytokinetics in the 4th quarter worth $29,000. TD Waterhouse Canada Inc. purchased a new position in Cytokinetics during the 4th quarter worth $32,000. Northwestern Mutual Wealth Management Co. grew its stake in Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after buying an additional 171 shares during the last quarter. Finally, Quarry LP acquired a new position in Cytokinetics during the 3rd quarter valued at about $30,000.

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.