Cytokinetics Sees Unusually High Options Volume (NASDAQ:CYTK)

Cytokinetics, Incorporated (NASDAQ:CYTK) was the recipient of some unusual options trading activity on Wednesday. Stock investors acquired 8,379 call options on the company. This is an increase of 79% compared to the average daily volume of 4,678 call options.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. UBS Group raised shares of Cytokinetics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $69.00 to $115.00 in a report on Monday, June 29th. 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. Stifel Nicolaus raised their price target on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Mizuho lifted their price objective on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Finally, Citigroup initiated coverage on shares of Cytokinetics in a report on Monday, May 18th. They issued a “buy” rating and a $99.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus target price of $99.90.

Insider Buying and Selling at Cytokinetics

In related news, EVP Sung Lee sold 1,112 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total value of $97,622.48. Following the sale, the executive vice president owned 63,221 shares of the company’s stock, valued at $5,550,171.59. The trade was a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $82.02, for a total value of $615,150.00. Following the completion of the sale, the chief executive officer owned 377,820 shares in the company, valued at approximately $30,988,796.40. This represents a 1.95% 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. Insiders sold 135,536 shares of company stock valued at $10,046,609 over the last quarter. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CYTK. EverSource Wealth Advisors LLC boosted its position in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Cytokinetics in the 4th quarter valued at $27,000. Kestra Advisory Services LLC bought a new stake in Cytokinetics during the 4th quarter worth $29,000. Quarry LP acquired a new position in Cytokinetics in the 3rd quarter worth about $30,000. Finally, TD Waterhouse Canada Inc. bought a new position in Cytokinetics in the fourth quarter valued at about $32,000.

Cytokinetics Stock Up 0.8%

Shares of CYTK stock opened at $82.62 on Thursday. The company’s fifty day simple moving average is $77.87 and its 200-day simple moving average is $68.98. Cytokinetics has a 12 month low of $32.89 and a 12 month high of $88.31. The firm has a market cap of $10.28 billion, a PE ratio of -12.08 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same quarter in the prior year, the business earned ($1.36) earnings per share. The firm’s revenue for the quarter was up 1112.5% compared to the same quarter last year. On average, equities analysts predict that Cytokinetics will post -6.22 earnings per share for the current fiscal year.

About Cytokinetics

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.