Genco Shipping & Trading Limited (NYSE:GNK) Down 28.81%, Cytokinetics, Inc. (NASDAQ:CYTK) Down 6.90%
Northern, WI 05/07/2013 (GDPInsider) – Genco Shipping & Trading Limited (NYSE:GNK) is trading down 28.81% in today’s trading having opened at 1.78. The stock has a range of 4.15 million and a trading range of 1.12 and 1.85.
Genco released its Q1 2013 earnings results and the numbers didn’t read well for investors. The company recorded a net loss for the quarter of $48.2 million or $1.12 basic and diluted loss per share. EBITDA was down to $7.7 million; a sharp drop from the $25.2 million recorded for the 3 months ending 31 March 2012. Despite these flagging numbers Genco’s President, Robert Gerald Buchanan seemed upbeat and commented on the strategic and operational gains made over the reporting period. “”During the first quarter, we utilized our modern and versatile fleet of 53 vessels to continue to provide multinational charterers with high-quality tonnage. Consistent with this critical objective, we continue to maintain an efficient operating platform as daily vessel operating expenses during the first quarter were below management’s budget. Our status as one of the lowest cost operators in the industry bodes well for Genco to operate in an uncertain rate environment,” said Buchanan. The stock is still trading in the red in many areas, including a 44.77% margin below its 50-day simple moving average. RSI is 27.26 indicating that is oversold.
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Cytokinetics, Inc. (NASDAQ:CYTK) started the day’s trading at 1.17 but quickly moved south on trading volume of 1.87 million. The stock is down 6.90% and has a trading range of 1.03 and 1.19. The technical chart for the stock shows that CYTK was doing relatively well up until the end of April 2013. Now the chart shows a southward dip. CYTK is trading 9.12% below its 50-day simple moving average and 17.04% below its 20-day simple moving average.
Cytokinetics, Inc. is a biopharmaceutical company which specializes in the discovery and development molecule therapeutics that help to modulate muscle function in the treatment of serious medical conditions. The leading drug candidate for Cytokinetics is CK-2017357 and the drug is presently in its Phase II clinical trial. The company recently reported earnings for Q1 2013. The report cited a net loss of $12.6 million for the quarter—an increase upon the $9.9 million recorded for the corresponding quarter in 2012. President and CEO Robert Blum was quick to point out the positives in the report. Said Blum: “In the first quarter, we progressed through important milestones in both of our later-stage clinical development programs.”
CYTK has a RSI of 34.36 and is trading above its 52-week low of 0.57 by 80.70%.
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