Investors Land CYTK Even Cheaper Than Its Secondary Stock OfferingBy Market News Video Staff, Tuesday, July 27, 11:37 AM ETLooking back to 7 days ago, Cytokinetics Inc (NASDAQ:CYTK) priced a 10,000,000 share secondary stock offering at $27.50 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time. In trading on Tuesday, bargain hunters could buy shares of CYTK and achieve a cost basis 1.5% cheaper than those buyers, with shares changing hands as low as $27.10 per share. Secondaries can often present buying opportunities for bullish investors interested in purchasing shares, because the sudden extra supply of stock tends to require that the offering be priced at an attractive discount to where the stock had previously been trading before the offering announcement. At last check, Cytokinetics Inc shares are currently trading down about 3.9% on the day. The chart below shows the one year performance of CYTK shares, versus its 200 day moving average:
Looking at the chart above, CYTK's low point in its 52 week range is $14.71 per share, with $31.41 as the 52 week high point — that compares with a last trade of $27.07. Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation.
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