Enormous financial players have taken a negative position on Cytokinetics (CYTK).
And individual investors should take note.
This came to our attention today when massive trades surfaced in the publicly available options data we monitor here at Benzinga.
It is unclear whether these are institutions or affluent individuals, but when such significant activity occurs with CYTK, it often indicates that someone is privy to nonpublic information.
So how do we discern the motives behind these investors’ actions?
Today, Benzinga’s options scanner identified 85 unusual options trades for Cytokinetics.
This is highly irregular.
The prevailing sentiment among these high-stakes traders tilts towards 62% bearish and 37% bullish.
Of all the exceptional options we unearthed, 9 are puts, amounting to $740,860, and 76 are calls, totaling $7,522,268.
Projected Price Targets
Assessing the volume and open interest in these contracts suggests that prominent players have been eyeing a price range between $36.0 and $125.0 for Cytokinetics in the past quarter.
Analyzing Volume & Open Interest
Scrutinizing the volume and open interest yields crucial insights into stock research. This data is essential for gauging liquidity and interest levels in Cytokinetics’s options at specific strike prices, within a range of $36.0 to $125.0, over the last month.
Cytokinetics Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CYTK | CALL | TRADE | BEARISH | 01/19/24 | $45.00 | $1.1M | 14.0K | 252 |
| CYTK | CALL | SWEEP | BEARISH | 01/19/24 | $45.00 | $1.0M | 14.0K | 502 |
| CYTK | PUT | TRADE | BEARISH | 01/19/24 | $80.00 | $271.0K | 725 | 1.0K |
| CYTK | CALL | TRADE | BEARISH | 01/19/24 | $60.00 | $157.7K | 18.4K | 130 |
| CYTK | CALL | TRADE | BEARISH | 06/21/24 | $40.00 | $134.7K | 551 | 475 |
About Cytokinetics
Cytokinetics Inc is a biotech company focused on developing treatments for diseases characterized by reduced muscle function, muscle weakness, and fatigue. The company is working on treatments for conditions such as amyotrophic lateral sclerosis, heart failure, spinal muscular atrophy, and chronic obstructive pulmonary disease. These treatments are based on small molecules designed specifically to enhance muscle function and contractility. The company is developing muscle-directed investigational medicines with the potential to improve the health span of individuals enduring severe cardiovascular and neuromuscular diseases with impaired muscle function.
Present Market Standing of Cytokinetics
- With a trading volume of 4,158,467, CYTK’s price has dropped by -0.14% to $88.12.
- Current RSI values suggest that the stock may be overbought.
- The next earnings report is scheduled in 54 days.
Expert Opinions on Cytokinetics
In the past month, 5 industry analysts have shared their insights on this stock, presenting an average target price of $94.0.
- An analyst from Morgan Stanley has downgraded its rating to Equal-Weight, adjusting the price target to $90.
- An analyst from HC Wainwright & Co. maintains a Buy rating on Cytokinetics, with a target price of $94.
- An analyst from Needham continues to support a Buy rating on Cytokinetics with a target price of $108.
- An analyst from Truist Securities maintains a Buy rating for Cytokinetics, targeting a price of $86.
- An analyst from Raymond James continues to advocate an Outperform rating for Cytokinetics, with a price target of $92.
Options are a riskier asset compared to simply trading the stock, but they offer higher profit potential. Serious options traders mitigate this risk by staying informed daily, gradually entering and exiting trades, considering multiple indicators, and closely following the markets.
For the latest options trade updates on Cytokinetics, Benzinga Pro provides real-time alerts.