volume nearly doubled to reach over 130 thousand shares for the day.
Apparently, the investors are losing their enthusiasm and selling their shares.
Though the last press release of CYTK appeared to be optimistic, it looks like it couldn’t support the stock price much.[BANNER]
Historical data points that CYTK has moved a bit higher since the beginning of this month. A week ago, CYTK was pronounced among the top 10 stocks with highest upside potential, though it is now losing its position.
During the last month, the stock has lost over 21% on its price and it is currently trading bellow the yearly average. Still, at this point nobody can be certain whether it’s going to be a downtrend or just a temporary price crash.
Cytokinetics is a biopharmaceutical company focused on the discovery and development of small molecule therapeutics for potential treatment of serious medical conditions. Presently, the company is enthusiastic about its drug candidate to be presented at the XII International Congress on Neuromuscular Diseases. However, we can only make final conclusions after releasing the results.
The 2010 first quarter results of CYTK turned to be rather disappointing. The company has suffered a great loss and hasn’t gained much cash to cover its expenses. In its 10-Q report, Cytokinetics announced it has discussed the need of additional financing, as well as the uncertainty of its clinical trials.
At the beginning of this month, CYTK traded at another 52-week low and a corporate event of the company was reported, though it remained unconfirmed.
Currently, the stock is still down and its future movement cannot be predicted.
