High-stakes investors have taken a bearish position on Cytokinetics CYTK.
This revelation has major implications for retail traders.
Today, Benzinga‘s options scanner identified 85 unusual options trades for Cytokinetics.
The overall sentiment of these major traders leans towards 62% bearish and 37% bullish.
Out of these notable options, 9 are puts for a total of $740,860, while 76 are calls amounting to $7,522,268.
Expected Price Movements
Scrutinizing the volume and open interest within these contracts, it appears that significant players have been eyeing a price range of $36.0 to $125.0 for Cytokinetics over the past quarter.
Volume and Open Interest Analysis
Assessing the volume and open interest provides crucial insights into stock research, serving as a barometer for liquidity and interest levels in Cytokinetics’s options within a strike price range of $36.0 to $125.0 over the last month.
Cytokinetics Option Volume and Open Interest Over Last 30 Days
Major Options Trades Identified:
| 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 biotechnology company focused on developing muscle biology-driven treatments for conditions characterized by diminished muscle function, weakness, and fatigue. Their platform targets diseases such as amyotrophic lateral sclerosis, heart failure, spinal muscular atrophy, and chronic obstructive pulmonary disease with small molecules engineered to augment muscle function and contractility. The company is pioneering muscle-directed investigational medicines that could potentially enhance the health span of individuals affected by debilitating cardiovascular and neuromuscular diseases marked by impaired muscle function.
Current Market Status of Cytokinetics
- With a trading volume of 4,158,467, the price of CYTK has dipped by -0.14%, settling at $88.12.
- Current RSI readings suggest the stock may be overbought.
- The next earnings report is slated for 54 days from now.
Analyst Opinions on Cytokinetics
In the last month, 5 industry analysts have shared their perspectives on this stock, presenting an average target price of $94.0.
- An analyst from Morgan Stanley has downgraded their rating to Equal-Weight, altering the price target to $90.
- An analyst from HC Wainwright & Co. maintains their Buy rating on Cytokinetics, with a target price of $94.
- Another Buy rating and price target of $108 is upheld by an analyst from Needham.
- There is continued support for a Buy rating on Cytokinetics from an analyst at Truist Securities, with a target price of $86.
- Additionally, an analyst at Raymond James retains an Outperform rating for Cytokinetics, targeting a price of $92.
Options entail greater risk compared to stock trading, but offer higher profit potential. Seasoned options traders mitigate this risk by staying informed on a daily basis, scaling in and out of trades, following more than one indicator, and closely tracking the markets.
For real-time options trade alerts on Cytokinetics, consider utilizing Benzinga Pro.
