The share price of Cytokinetics Incorporated (NASDAQ:CYTK) fell to $36.16 per share on Wednesday from $36.33. While Cytokinetics Incorporated has underperformed by -0.47%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, CYTK fell by -5.78%, with highs and lows ranging from $55.80 to $32.96, whereas the simple moving average fell by -17.79% in the last 200 days.
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On February 17, 2023, BofA Securities started tracking Cytokinetics Incorporated (NASDAQ: CYTK) recommending Neutral. A report published by Needham on December 23, 2022, Reiterated its previous ‘Buy’ rating for CYTK. Truist also rated CYTK shares as ‘Buy’, setting a target price of $60 on the company’s shares in an initiating report dated December 20, 2022. UBS Initiated an Buy rating on October 11, 2022, and assigned a price target of $80. Goldman initiated its ‘Buy’ rating for CYTK, as published in its report on January 28, 2022. Oppenheimer’s report from December 22, 2021 suggests a price prediction of $55 for CYTK shares, giving the stock a ‘Outperform’ rating. JP Morgan also rated the stock as ‘Overweight’.
Analysis of Cytokinetics Incorporated (CYTK)
Further, the quarter-over-quarter decrease in sales is -96.40%, showing a negative trend in the upcoming months.
To gain a thorough understanding of Cytokinetics Incorporated’s future performance, several well-rounded types of analysis and research techniques can be used, with equity being among the most crucial. Taking into account the quick ratio of the company, currently set at 9.40, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
It is also very valuable to look at average volume as an indicator of volatility for a stock, and CYTK is recording an average volume of 1.00M. On a monthly basis, the volatility of the stock is set at 4.95%, whereas on a weekly basis, it is put at 5.63%, with a gain of 2.58% over the past seven days. Furthermore, long-term investors anticipate a median target price of $60.73, showing growth from the present price of $36.16, which can serve as yet another indication of whether CYTK is worth investing in or should be passed over.
How Do You Analyze Cytokinetics Incorporated Shares?
The number of employees owning shares of the company should also be considered in addition to the fundamentals. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 0.70%. This can enable you to see the extent to which executives own the company’s stock.
Are institutional investors increasing their holdings in CYTK shares?
The recent increase in stakes in CYTK appears to be a result of several institutional investors and hedge funds increasing their positions. BlackRock Fund Advisors’s position in CYTK has increased by 11.84% in the first quarter. The company now owns 13,985,363 shares of the stock, with a value of $606.41 million, following the purchase of 1,480,045 additional shares during the last quarter. Fidelity Management & Research Co made another decreased to its shares in CYTK during the first quarter, downing its stake by -7.18%. During the last quarter, the company picked up -895,803 additional shares for a total stake of worth $502.15 million, bringing number of shares owned by the company to 11,580,860.
During the first quarter, The Vanguard Group, Inc. added a 71,237 position in CYTK. Wellington Management Co. LLP purchased an additional 1.71 million shares in the last quarter, increasing its holdings by 35.28%, now holding 6.54 million shares worth $283.69 million. At the end of the first quarter, SSgA Funds Management, Inc. increased its CYTK holdings by 18.56% and now holds 5.04 million CYTK shares valued at $218.75 million with the added 0.79 million shares during the period.
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