Short Interest in Cytokinetics, Inc. (NASDAQ:CYTK) Decreases By 9.9%

Cytokinetics, Inc. (NASDAQ:CYTK) was the target of a significant decrease in short interest in the month of January. As of January 31st, there was short interest totalling 8,470,000 shares, a decrease of 9.9% from the January 15th total of 9,400,000 shares. Approximately 15.7% of the company’s shares are sold short. Based on an average daily trading volume, of 913,000 shares, the short-interest ratio is presently 9.3 days.

CYTK has been the topic of several recent analyst reports. HC Wainwright reissued a “buy” rating on shares of Cytokinetics in a research note on Friday, February 7th. ValuEngine lowered shares of Cytokinetics from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. BidaskClub raised shares of Cytokinetics from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $24.00 price target on shares of Cytokinetics in a research report on Friday, November 1st. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered shares of Cytokinetics from a “hold” rating to a “sell” rating in a research report on Friday, January 10th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $19.86.

In related news, CEO Robert I. Blum sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $10.22, for a total transaction of $61,320.00. Following the transaction, the chief executive officer now owns 229,057 shares of the company’s stock, valued at $2,340,962.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bvf Partners L. P/Il acquired 223,659 shares of Cytokinetics stock in a transaction that occurred on Tuesday, December 10th. The shares were purchased at an average cost of $9.40 per share, for a total transaction of $2,102,394.60. The disclosure for this purchase can be found here. Insiders have sold 12,450 shares of company stock worth $140,172 in the last three months. Insiders own 5.70% of the company’s stock.

A number of hedge funds have recently modified their holdings of CYTK. BVF Inc. IL increased its position in shares of Cytokinetics by 73.0% in the fourth quarter. BVF Inc. IL now owns 7,206,458 shares of the biopharmaceutical company’s stock worth $76,461,000 after acquiring an additional 3,040,900 shares in the last quarter. Driehaus Capital Management LLC increased its position in shares of Cytokinetics by 11.7% in the fourth quarter. Driehaus Capital Management LLC now owns 3,039,256 shares of the biopharmaceutical company’s stock worth $32,247,000 after acquiring an additional 319,091 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of Cytokinetics by 597.7% in the fourth quarter. Point72 Asset Management L.P. now owns 3,028,751 shares of the biopharmaceutical company’s stock worth $32,135,000 after acquiring an additional 2,594,651 shares in the last quarter. State Street Corp increased its position in shares of Cytokinetics by 9.4% in the fourth quarter. State Street Corp now owns 2,539,766 shares of the biopharmaceutical company’s stock worth $26,947,000 after acquiring an additional 218,887 shares in the last quarter. Finally, FMR LLC increased its position in shares of Cytokinetics by 3.9% in the first quarter. FMR LLC now owns 1,926,824 shares of the biopharmaceutical company’s stock worth $15,589,000 after acquiring an additional 73,141 shares in the last quarter. 76.45% of the stock is owned by hedge funds and other institutional investors.

CYTK stock traded down $0.56 on Friday, hitting $14.85. 1,857,731 shares of the company were exchanged, compared to its average volume of 859,869. Cytokinetics has a twelve month low of $5.75 and a twelve month high of $16.10. The business’s fifty day moving average is $12.38 and its two-hundred day moving average is $11.70. The stock has a market capitalization of $877.37 million, a price-to-earnings ratio of -7.14 and a beta of 1.47.

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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