Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $97,622.48 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Sung Lee sold 1,112 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $87.79, for a total transaction of $97,622.48. Following the completion of the sale, the executive vice president directly owned 63,221 shares of the company’s stock, valued at approximately $5,550,171.59. The trade was a 1.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sung Lee also recently made the following trade(s):

• On Monday, June 29th, Sung Lee sold 3,134 shares of Cytokinetics stock. The shares were sold at an average price of $85.00, for a total value of $266,390.00.

Cytokinetics Trading Up 1.4%

Shares of NASDAQ CYTK traded up $1.23 during midday trading on Thursday, hitting $86.49. The company’s stock had a trading volume of 2,022,530 shares, compared to its average volume of 2,243,849. The business’s 50 day moving average is $74.15 and its two-hundred day moving average is $67.45. Cytokinetics, Incorporated has a 12-month low of $32.89 and a 12-month high of $88.31. The firm has a market cap of $10.76 billion, a P/E ratio of -12.64 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. The firm’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.36) earnings per share. On average, analysts predict that Cytokinetics, Incorporated will post -6.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cytokinetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can raised its holdings in Cytokinetics by 1.2% in the fourth quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock worth $845,000 after purchasing an additional 160 shares in the last quarter. Kennedy Capital Management LLC grew its position in shares of Cytokinetics by 1.2% in the 4th quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock worth $838,000 after buying an additional 162 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Cytokinetics by 46.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after buying an additional 171 shares during the last quarter. Vident Advisory LLC raised its stake in shares of Cytokinetics by 1.4% during the 4th quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock worth $1,046,000 after acquiring an additional 234 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in Cytokinetics by 6.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,723 shares of the biopharmaceutical company’s stock valued at $237,000 after acquiring an additional 239 shares during the last quarter.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CYTK. HC Wainwright boosted their price target on Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a report on Monday, May 11th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $119.00 target price on shares of Cytokinetics in a research report on Wednesday, June 17th. Truist Financial set a $106.00 target price on Cytokinetics in a report on Tuesday, May 5th. UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $69.00 to $115.00 in a report on Monday. Finally, Wall Street Zen raised shares of Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $100.00.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.