Traders Purchase Large Volume of Cytokinetics Put Options (NASDAQ:CYTK)

Cytokinetics, Inc. (NASDAQ:CYTK) was the target of unusually large options trading on Thursday. Stock traders bought 2,111 put options on the stock. This is an increase of approximately 1,142% compared to the average daily volume of 170 put options.

Several brokerages have issued reports on CYTK. Morgan Stanley set a $16.00 price target on Cytokinetics and gave the stock a “hold” rating in a report on Friday, August 9th. Zacks Investment Research upgraded Cytokinetics from a “sell” rating to a “hold” rating in a report on Thursday. BidaskClub lowered Cytokinetics from a “strong-buy” rating to a “buy” rating in a report on Friday, August 16th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 price target (up previously from $14.00) on shares of Cytokinetics in a report on Friday, September 6th. Finally, Needham & Company LLC set a $16.00 price target on Cytokinetics and gave the stock a “buy” rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $17.86.

NASDAQ:CYTK traded down $0.21 on Friday, hitting $12.39. The stock had a trading volume of 212,757 shares, compared to its average volume of 500,994. The business’s fifty day moving average is $13.20 and its 200 day moving average is $10.36. The company has a market cap of $741.11 million, a PE ratio of -6.35 and a beta of 1.64. The company has a quick ratio of 8.42, a current ratio of 8.42 and a debt-to-equity ratio of 12.35. Cytokinetics has a 52 week low of $5.75 and a 52 week high of $14.94.



Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.50) by ($0.06). Cytokinetics had a negative net margin of 308.73% and a negative return on equity of 575.21%. The company had revenue of $7.14 million during the quarter, compared to the consensus estimate of $6.81 million. Equities analysts predict that Cytokinetics will post -2 earnings per share for the current fiscal year.

In other Cytokinetics news, CEO Robert I. Blum sold 6,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $12.64, for a total value of $75,840.00. Following the transaction, the chief executive officer now owns 250,022 shares in the company, valued at $3,160,278.08. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 22,500 shares of company stock valued at $257,445 in the last ninety days. 5.70% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the company. Everence Capital Management Inc. bought a new position in shares of Cytokinetics in the first quarter valued at approximately $133,000. SG Americas Securities LLC bought a new position in shares of Cytokinetics in the first quarter valued at approximately $151,000. Comerica Bank lifted its holdings in shares of Cytokinetics by 3.5% in the first quarter. Comerica Bank now owns 54,154 shares of the biopharmaceutical company’s stock valued at $472,000 after purchasing an additional 1,808 shares in the last quarter. Swiss National Bank lifted its holdings in shares of Cytokinetics by 5.5% in the second quarter. Swiss National Bank now owns 86,600 shares of the biopharmaceutical company’s stock valued at $974,000 after purchasing an additional 4,500 shares in the last quarter. Finally, Wasatch Advisors Inc. lifted its holdings in shares of Cytokinetics by 29.8% in the first quarter. Wasatch Advisors Inc. now owns 3,188,487 shares of the biopharmaceutical company’s stock valued at $25,795,000 after purchasing an additional 731,682 shares in the last quarter. Institutional investors own 74.55% of the company’s stock.

Cytokinetics Company Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. The company is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.

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