Stock in News Spotlight: Cytokinetics, Incorporated (NASDAQ: CYTK)

On 01 April 2020, Cytokinetics, Incorporated (NASDAQ: CYTK) spotted trading -34.26% off 52-week high price. On the other end, the stock has been noted 44.34% away from the low price over the last 52-weeks. The stock changed -5.43% to recent value of $11.15. The stock transacted 632654 shares during most recent day however it has an average volume of 918.57K shares. The company has 57.83M of outstanding shares and 51.82M shares were floated in the market.

Cytokinetics, Incorporated (CYTK) stated financial results for the fourth quarter and full year 2019. Net loss for the fourth quarter was $30.6M or $0.52 per share and net loss for the year 2019 was $121.7M, or $2.11 per share. Net loss for the fourth quarter of 2018 was $26.5M, or $0.48 per share and net loss for the year 2018 was $106.3M, or $1.95 per share. Cash, cash equivalents and investments totaled $267.7M at December 31, 2019.

“We had a productive fourth quarter of 2019 which positions us well to deliver against our Vision 2025 that we recently reported pointing towards commercialization of our novel drug candidates, doubling our development pipeline and expanding the breadth of our muscle biology focused research,” stated Robert I. Blum, Cytokinetics’ President and Chief Executive Officer. “In 2020, we look forward to reaching several key milestones, including sharing top-line results of GALACTIC-HF and completing enrollment in METEORIC-HF, both alongside continued preparations for the potential commercialization of omecamtiv mecarbil and the development of a co-promotion plan in alliance with Amgen. We are also advancing our pipeline of cardiac myosin inhibitors, including CK-274 in REDWOOD-HCM and CK-271 which we expect to enter Phase 1 soon. We began 2020 with a strong balance sheet enabling our continued execution on key objectives that we believe will empower us to deliver on the promise of our science for patients.”

Financials

Revenues for the three and twelve months ended December 31, 2019 were $5.2M and $26.9M, respectively, contrast to $9.4M and $31.5M for the corresponding periods in 2018. The decrease in revenues for the three and twelve months ended December 31, 2019 was due primarily to the winding down of FORTITUDE-ALS in addition to a lack of license revenue in 2019. License revenues in the fourth quarter and twelve months of 2018 were related to the Phase 2 trial of reldesemtiv in spinal muscular atrophy completed in 2018.

Research and development expenses for the three and twelve months ended December 31, 2019 were $18.3M and $86.1M, respectively contrast to $23.3M and $89.1M for the same periods in 2018, respectively. The changes were primarily Because of reduced spending for reldesemtiv as well as tirasemtiv following suspension of development of tirasemtiv in late 2017 offset by increased spending related to METEORIC-HF and the development of CK-274.

General and administrative expenses for the three and twelve months ended December 31, 2019 increased to $10.6M and $39.6M, respectively, from $7.6M and $31.3M for the same periods in 2018, respectively, due primarily to a raise in outside legal counsel and personnel related costs including stock-based compensation.

 Its earnings per share (EPS) expected to touch remained -8.20% for this year while earning per share for the next 5-years is expected to reach at 15.00%. According to the most recent quarter its current ratio was 9 that represents company’s ability to meet its current financial obligations. The price moved ahead of -3.40% from the mean of 20 days, -14.25% from mean of 50 days SMA and performed -5.58% from mean of 200 days price. Company’s performance for the week was 7.52%, -23.47% for month and YTD performance remained 5.09%.

 

Mary Smith

Mary Smith– Health Industry My Name is Mary Smith, and I am 29 years old who is an industrialist other than a writer. I want to catch the attention of my audience and publishers without sounds too dry and dull. I am that sort of person who adores his spare time by writing my thoughts and ideas for my audience or readers. My writing skills are not confined to any specific field, I wrote on many topics, but healthcare sector and Stock Market articles are always my favorite. I love to express myself by creative modes such as drawing, singing, and writing. I love to spend my leisure time with my beloved cat, sleep or by playing my favorite video games.

Leave a Reply

Your email address will not be published. Required fields are marked *