Cytokinetics to discontinue ALS drug after Phase 3 miss

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USA stocks are opening higher Tuesday as most industries, including technology and health care companies, start the day with solid gains.

It is common practice for investors to use the price-to-earnings ratio (P/E ratio or price multiple) to determine if a company's stock price is over or undervalued. As of April 28th, there was short interest totalling 4,614,289 shares, a growth of 74.3% from the April 13th total of 2,646,959 shares.

There has been some selling insider activity on Cytokinetics (NASDAQ:CYTK) recently. The disclosure for this sale can be found here. The shares were sold at an average price of $15.49, for a total transaction of $204,173.69. Company insiders own 7.20% of the company's stock.

Cytokinetics, Incorporated (NASDAQ:CYTK) gross margin percentage stands at 0% while its operating margin for the past trailing twelve month is 0 percent and its overall profit margin (ttm) is 0 Percent. Also, Director Santo J. Costa sold 5,000 shares of the firm's stock in a transaction dated Tuesday, August 29th.

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On Wednesday, September 6th, Caryn Gordon Mcdowell sold 10,131 shares of Cytokinetics, stock. Fady Ibraham Malik, EVP Research & Development let go of $97,955 worth of shares at an average price of $13.38 on Wednesday the 1st. The sale was disclosed in a filing with the SEC, which can be accessed through this link. There were 21 sold out positions, amounting to 1.37 million shares. As of quarter end State Street Corp had bought a total of 161,180 shares growing its position 9.6%. Public Employees Retirement System Of Ohio controls 26,147 shares with a value of $379,000.

As of the end of the quarter Gsa Capital Partners Llp had disposed of 118,602 shares trimming its stake by 90.2%. The value of the company's investment in Cytokinetics decreased from $618,000 to $379,000 a change of 38.7% since the last quarter. The most optimistic analyst sees the stock reaching $26 while the most conventional has $17 target price. On October 6 Morgan Stanley left the stock rating at "Overweight" projecting a price of $25.00. At the time of writing, the First Call consensus price target for the company is $22.25. Cytokinetics, has an average rating of Buy and an average target price of $18.36.

Technology companies made the biggest gains, including Apple, which rose $2.90, or 1.7 percent, to $172.87, while health care and basic materials companies also rose. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, topping the consensus estimate of ($0.64) by $0.04.

Many analysts have provided their estimated foresights on Cytokinetics, Incorporated Earnings, with 7 analysts believing the company would generate an Average Estimate of $-0.71. "That is where our strategy as a company goes from ALS and other diseases of severe neuromuscular dysfunction in the near term to a goal to develop both skeletal and cardiac muscle activators for an aging population", Blum said. With an unmatched understanding of muscle biology and mechanics of muscle performance, the company is developing small molecule drug candidates engineered to increase muscle function and contractility.

"Tolerability may have played a role in the failure, given what appeared to be a high drop-out rate and discontinuations, though the primary endpoint and secondary endpoints were not met, even for patients in the mid- and higher dose groups that tolerated the drug", explains Goldstein, who looks ahead: "Focus in ALS will now move to CK-2127107, which is also in development for a variety of indications such as SMA, COPD and ALS, and is expected to produce data in 2018".

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