Cytokinetics Inc. (CYTK) Sees Unusually-High Trading Volume
Shares of Cytokinetics Inc. (NASDAQ:CYTK) saw unusually-high trading volume on Thursday . Approximately 1,772,688 shares traded hands during mid-day trading, an increase of 457% from the previous session’s volume of 318,147 shares.The stock last traded at $10.39 and had previously closed at $12.07.
CYTK has been the topic of several analyst reports. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $24.00 price objective on shares of Cytokinetics in a research report on Wednesday, May 25th. Roth Capital reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Cytokinetics in a research report on Thursday, August 18th. Zacks Investment Research raised Cytokinetics from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Wednesday, June 29th. Needham & Company LLC upped their price objective on Cytokinetics from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, July 27th. Finally, JMP Securities reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Cytokinetics in a research report on Tuesday, August 2nd. Eight research analysts have rated the stock with a buy rating, The company has an average rating of “Buy” and an average target price of $18.13.
The firm’s 50-day moving average is $11.32 and its 200-day moving average is $8.71. The stock’s market cap is $416.88 million.
Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, July 28th. The biopharmaceutical company reported ($0.29) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by $0.02. Equities analysts predict that Cytokinetics Inc. will post ($1.30) earnings per share for the current fiscal year.
An institutional investor recently bought a new position in Cytokinetics stock. Ameriprise Financial Inc. acquired a new stake in shares of Cytokinetics Inc. (NASDAQ:CYTK) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 194,179 shares of the biopharmaceutical company’s stock, valued at approximately $2,031,000. Ameriprise Financial Inc. owned 0.50% of Cytokinetics at the end of the most recent reporting period.
Cytokinetics, Incorporated is a biopharmaceutical company. The Company is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions. Its drug candidates include tirasemtiv, CK-2127107 and omecamtiv mecarbil.
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