Cytokinetics Stock Sees Short Interest Decline 11%

The most recent short interest data has been released for the 10/31/2016 settlement date, which shows a 387,607 share decrease in total short interest for Cytokinetics Inc ( CYTK), to 3,108,691, a decrease of 11.09% since 10/14/2016. Total short interest is just one way to look at short data; another metric that we here at Dividend Channel find particularly useful is the "days to cover" metric because it considers both the total shares short and the average daily volume of shares traded. The number of shares short is then compared to the average daily volume, in order to calculate the total number of trading days (at the average volume) it would take to close out all of the open short positions if every share traded represented a short position being closed. Average daily volume for CYTK at the 10/31/2016 settlement increased to 336,810, as compared to 277,120 at the 10/14/2016 report. That brought "days to cover" down to 9.23, a 26.84% decrease from the 12.62 days to cover calculated at the previous short interest data release.

The below chart shows the historical "days to cover" for CYTK at previous short interest release dates:

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