Stock Traders Purchase High Volume of Cytokinetics Call Options (NASDAQ:CYTK)

Cytokinetics, Incorporated (NASDAQ:CYTK) was the recipient of unusually large options trading activity on Monday. Investors purchased 21,076 call options on the company. This is an increase of 1,008% compared to the typical volume of 1,902 call options.

Analysts Set New Price Targets

CYTK has been the subject of several recent analyst reports. Raymond James Financial initiated coverage on Cytokinetics in a research note on Wednesday, July 30th. They issued a “market perform” rating for the company. Evercore ISI raised their target price on shares of Cytokinetics from $60.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, September 3rd. B. Riley boosted their price target on shares of Cytokinetics from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Wall Street Zen upgraded Cytokinetics from a “strong sell” rating to a “hold” rating in a research report on Sunday, August 10th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a research report on Tuesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.71.

Cytokinetics Trading Up 6.9%

CYTK stock opened at $53.89 on Tuesday. The stock has a market cap of $6.45 billion, a PE ratio of -10.57 and a beta of 0.62. The company has a 50-day moving average price of $42.16 and a 200 day moving average price of $38.20. Cytokinetics has a 12 month low of $29.31 and a 12 month high of $59.39.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.22. The company had revenue of $66.77 million during the quarter, compared to analysts’ expectations of $1.95 million. The company’s quarterly revenue was up 26727.3% on a year-over-year basis. During the same period in the prior year, the business earned ($1.31) EPS. Sell-side analysts forecast that Cytokinetics will post -5.24 EPS for the current year.

Insider Activity

In related news, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $49.28, for a total transaction of $98,560.00. Following the transaction, the executive vice president owned 140,610 shares in the company, valued at approximately $6,929,260.80. The trade was a 1.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Edward M. Md Kaye sold 6,756 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $50.00, for a total value of $337,800.00. Following the completion of the sale, the director owned 23,230 shares of the company’s stock, valued at $1,161,500. The trade was a 22.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,756 shares of company stock worth $1,452,550 in the last three months. Company insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

Institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its position in Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Cytokinetics by 42.2% during the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 291 shares during the last quarter. Hantz Financial Services Inc. grew its holdings in shares of Cytokinetics by 2,872.7% during the second quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company’s stock valued at $43,000 after buying an additional 1,264 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Cytokinetics by 500.5% in the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock valued at $44,000 after acquiring an additional 916 shares during the period. Finally, GAMMA Investing LLC raised its stake in Cytokinetics by 281.0% in the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock worth $45,000 after acquiring an additional 826 shares during the last quarter.

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.