Cytokinetics, Incorporated (NASDAQ:CYTK) Short Interest Up 15.1% in August

Cytokinetics, Incorporated (NASDAQ:CYTK) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 11,610,000 shares, a growth of 15.1% from the August 15th total of 10,090,000 shares. Based on an average trading volume of 815,200 shares, the days-to-cover ratio is currently 14.2 days. Currently, 13.0% of the company’s shares are sold short.

Cytokinetics Stock Down 2.8 %

Cytokinetics stock traded down $0.94 during trading hours on Tuesday, reaching $32.93. 774,946 shares of the stock were exchanged, compared to its average volume of 888,950. Cytokinetics has a 52-week low of $30.66 and a 52-week high of $54.13. The firm’s 50 day moving average is $33.72 and its 200 day moving average is $35.61.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, August 3rd. The biopharmaceutical company reported ($1.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.23) by ($0.11). The business had revenue of $0.87 million during the quarter, compared to analysts’ expectations of $5.67 million. Cytokinetics had a negative return on equity of 1,401.63% and a negative net margin of 5,419.17%. The company’s revenue was down 99.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.23) EPS. On average, analysts forecast that Cytokinetics will post -4.1 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CYTK shares. HC Wainwright restated a “buy” rating and set a $49.00 price target on shares of Cytokinetics in a research note on Friday, August 4th. Leerink Partnrs reiterated an “outperform” rating on shares of Cytokinetics in a research note on Tuesday, August 15th. StockNews.com started coverage on shares of Cytokinetics in a research report on Thursday, August 17th. They set a “sell” rating on the stock. SVB Securities initiated coverage on Cytokinetics in a research report on Tuesday, August 15th. They set an “outperform” rating and a $58.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cytokinetics from $52.00 to $54.00 in a research note on Thursday, June 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $58.21.

Insider Buying and Selling at Cytokinetics

In other news, CEO Robert I. Blum sold 12,500 shares of Cytokinetics stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $32.60, for a total transaction of $407,500.00. Following the completion of the sale, the chief executive officer now directly owns 441,417 shares in the company, valued at $14,390,194.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Cytokinetics news, Director Wendall Wierenga sold 6,020 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $32.02, for a total transaction of $192,760.40. Following the sale, the director now owns 18,205 shares of the company’s stock, valued at approximately $582,924.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 12,500 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $32.60, for a total value of $407,500.00. Following the sale, the chief executive officer now owns 441,417 shares of the company’s stock, valued at $14,390,194.20. The disclosure for this sale can be found here. Insiders have sold 88,020 shares of company stock valued at $2,958,700 in the last quarter. 3.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CYTK. Belpointe Asset Management LLC grew its stake in Cytokinetics by 76.2% in the 1st quarter. Belpointe Asset Management LLC now owns 786 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 340 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in shares of Cytokinetics by 33.4% in the first quarter. China Universal Asset Management Co. Ltd. now owns 1,282 shares of the biopharmaceutical company’s stock worth $45,000 after buying an additional 321 shares during the period. Archer Investment Corp purchased a new position in Cytokinetics in the 1st quarter worth approximately $51,000. West Tower Group LLC acquired a new stake in Cytokinetics during the 2nd quarter valued at $62,000. Finally, Natixis acquired a new stake in shares of Cytokinetics during the fourth quarter valued at about $73,000.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.