The stock of Cytokinetics, Incorporated (NASDAQ:CYTK) is now priced at $24.83 and the shares are 1.22 points up or 5.17% higher compared to its previous closing price of $23.61. The stock had 433455 contracts set over the past session. CYTK shares’ daily volume is compared to its average trading volume at 849816 shares. However, it has a float of 52.03 million and although its performance was 1.1% over the week, it’s one to watch. Analysts have given the CYTK stock a yearly average price target of $29.86 per share. It means the stock’s upside potential is 20.26% with the CYTK share price recently placing at $23.76 to $25.04. However, some brokerage firms have priced the stock below the average, including one that has called $23.
The shorts are running away from the Cytokinetics, Incorporated stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the CYTK shares have declined. Short interest in the stock represents just 14.85% of its float, but the volume has dropped by -515163. The volume of shorted shares dropped to 7.725 million from 8.24 million shares over the last two weeks. The average intraday trading volume has been 586957 shares, which means that days to cover moved to roughly 13.161095.
In the last trading session, Cytokinetics, Incorporated (NASDAQ:CYTK) raised by $0.27 over the week and gained $4.79 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $25.23. The stock recorded its established 52-week high on 06/22/20.
Since 11/08/19, the stock has traded to a low of $7.72 at 221.42%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.45. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Cytokinetics, Incorporated’s two-week RSI is 68.21. This suggests that the stock is neutral at the moment and that CYTK shares’ price movement remains stable. The stochastic readings are equally revealing at 75.25% meaning the CYTK share price is currently in oversold territory.
The technical chart shows that the CYTK stock will likely settle at between $25.33 and $25.82 per share. However, if the stock dips below $24.05, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $23.26.
Currently, the stock is trading in the red of MACD, with a reading of -0.04. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned CYTK a rating of Buy in their intiating review released on May 05. Morgan Stanley analysts upgraded their recommendation of the stock from Equal-Weight to Overweight while keeping its target price at $25 in a flash note released to investors on April 09. Cantor Fitzgerald analysts see the stock as Overweight when the analysts initiated the share price coverage on September 21.
The average rating for the CYTK equity is 2 and is currently gathering a bullish momentum. Of 7 analysts tracking Cytokinetics, Incorporated polled by Reuters, 0 rated CYTK as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (7) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Cytokinetics, Incorporated (NASDAQ:CYTK) will decrease by about -99.88%, which will see them reach $4.69 million. The company’s full-year revenues are, however, expected to diminish by about -6.44%, down from $26.87 million to $25.14 million. CYTK’s expected adjusted earnings should surge almost 0% to end up at -$0.56 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 5.69% to record -$2.23/share.