Cytokinetics Target of Unusually High Options Trading (NASDAQ:CYTK)

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Cytokinetics, Inc. (NASDAQ:CYTK) saw unusually large options trading activity on Thursday. Stock investors bought 2,111 put options on the company. This represents an increase of approximately 1,142% compared to the average volume of 170 put options.

A number of equities analysts have recently commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 price target (up previously from $14.00) on shares of Cytokinetics in a report on Friday, September 6th. Piper Jaffray Companies set a $14.00 price target on shares of Cytokinetics and gave the stock a “buy” rating in a report on Monday, July 15th. Needham & Company LLC set a $16.00 target price on shares of Cytokinetics and gave the stock a “buy” rating in a research note on Friday, August 9th. Morgan Stanley set a $16.00 target price on shares of Cytokinetics and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Zacks Investment Research raised shares of Cytokinetics from a “sell” rating to a “hold” rating in a research note on Thursday. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $17.86.

NASDAQ CYTK traded down $0.21 during mid-day trading on Friday, reaching $12.39. 365,373 shares of the stock were exchanged, compared to its average volume of 500,988. Cytokinetics has a one year low of $5.75 and a one year high of $14.94. The stock has a 50 day simple moving average of $13.18 and a 200-day simple moving average of $10.33. The stock has a market cap of $741.11 million, a P/E ratio of -6.35 and a beta of 1.64. The company has a debt-to-equity ratio of 12.35, a current ratio of 8.42 and a quick ratio of 8.42.

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

In other news, CEO Robert I. Blum sold 6,000 shares of Cytokinetics stock in a transaction on Monday, June 17th. The shares were sold at an average price of $9.71, for a total transaction of $58,260.00. Following the transaction, the chief executive officer now owns 262,022 shares in the company, valued at $2,544,233.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 22,500 shares of company stock worth $257,445. 5.70% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can raised its stake in Cytokinetics by 109.5% during the first quarter. Bank of Montreal Can now owns 3,321 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 1,736 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in Cytokinetics by 59,718.8% during the first quarter. BNP Paribas Arbitrage SA now owns 9,571 shares of the biopharmaceutical company’s stock worth $77,000 after buying an additional 9,555 shares during the last quarter. Meeder Asset Management Inc. raised its stake in Cytokinetics by 404.0% during the second quarter. Meeder Asset Management Inc. now owns 9,994 shares of the biopharmaceutical company’s stock worth $112,000 after buying an additional 8,011 shares during the last quarter. Aperio Group LLC bought a new stake in Cytokinetics in the second quarter valued at $183,000. Finally, Everence Capital Management Inc. bought a new stake in Cytokinetics in the first quarter valued at $133,000. 74.55% of the stock is owned by institutional investors and hedge funds.

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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