Cytokinetics, Inc. (NASDAQ:CYTK) shares fell 1.6% during mid-day trading on Wednesday . The stock traded as low as $8.57 and last traded at $8.68, with a volume of 98,673 shares traded. The stock had previously closed at $8.82.

Several research analysts recently weighed in on CYTK shares. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $24.00 target price on shares of Cytokinetics in a research note on Wednesday, May 25th. Zacks Investment Research cut Cytokinetics from a “buy” rating to a “hold” rating in a research note on Friday, September 2nd. JMP Securities reaffirmed a “buy” rating and set a $17.00 target price on shares of Cytokinetics in a research note on Tuesday, August 2nd. FBR & Co reaffirmed an “outperform” rating and set a $24.00 target price on shares of Cytokinetics in a research note on Wednesday, July 13th. Finally, Needham & Company LLC raised their target price on Cytokinetics from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, July 27th. Eight analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and an average target price of $18.25.

The company’s market capitalization is $351.37 million. The firm’s 50-day moving average price is $10.95 and its 200-day moving average price is $8.98.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/cytokinetics-inc-cytk-stock-price-down-1-6.html

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, July 28th. The biopharmaceutical company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by $0.02. Cytokinetics had a negative return on equity of 69.51% and a negative net margin of 132.01%. Equities research analysts expect that Cytokinetics, Inc. will post ($1.30) earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. BVF Inc. IL raised its stake in Cytokinetics by 48.6% in the first quarter. BVF Inc. IL now owns 4,340,729 shares of the biopharmaceutical company’s stock valued at $30,602,000 after buying an additional 1,420,101 shares during the last quarter. Sphera Funds Management LTD. bought a new stake in Cytokinetics during the first quarter valued at about $2,411,000. Panagora Asset Management Inc. raised its stake in Cytokinetics by 5.1% in the first quarter. Panagora Asset Management Inc. now owns 217,016 shares of the biopharmaceutical company’s stock valued at $1,530,000 after buying an additional 10,493 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Cytokinetics by 3,697.7% in the second quarter. PNC Financial Services Group Inc. now owns 221,522 shares of the biopharmaceutical company’s stock valued at $2,104,000 after buying an additional 215,689 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in Cytokinetics by 4.5% in the first quarter. Acadian Asset Management LLC now owns 1,223,446 shares of the biopharmaceutical company’s stock valued at $8,624,000 after buying an additional 53,134 shares during the last quarter. Institutional investors and hedge funds own 67.32% of the company’s stock.

About Cytokinetics

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.

5 Day Chart for NASDAQ:CYTK

Receive News & Ratings for Cytokinetics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cytokinetics Inc. and related companies with MarketBeat.com's FREE daily email newsletter.