10 Worst Performing Biotech Stocks in 2024

3. Cytokinetics, Incorporated (NASDAQ:CYTK)

YTD Return: -34.69%

Cytokinetics, Incorporated (NASDAQ:CYTK) is a late-stage biopharmaceutical company focused on developing muscle activators and inhibitors for diseases with impaired muscle function. The company specializes in muscle biology and performance, creating small-molecule drug candidates designed to enhance myocardial muscle function and contractility.

In Q3 2024, Cytokinetics reported revenue of nearly $0.5 million, which saw a 22.4% growth from the same period last year. The company’s cash position also remained resilient as it ended the quarter with approximately $1.3 billion in cash and cash equivalents.

Cytokinetics, Incorporated (NASDAQ:CYTK) underperformed this year due to widening losses despite reduced R&D expenses, high cash burn, and regulatory uncertainties around Aficamten’s approval. However, the potential for improvement exists through a strong pipeline focused on cardiac muscle programs, a robust cash position for R&D, and a $575 million strategic collaboration with Royalty Pharma.

As of Q3 2024, 61 hedge funds in the Insider Monkey database held shares in the stock. The largest stakeholder in the company for that quarter was Polar Capital with stakes worth over $124 million. Despite Street analysts’ consensus Buy rating on CYTK, it is one of the worst performing biotech stocks on our list with a year-to-date decline of nearly 35%.