Cytokinetics (NASDAQ:CYTK) EVP Sells $1,118,320.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Andrew Callos sold 14,000 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $79.88, for a total transaction of $1,118,320.00. Following the completion of the transaction, the executive vice president directly owned 58,555 shares of the company’s stock, valued at $4,677,373.40. The trade was a 19.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Andrew Callos also recently made the following trade(s):

• On Wednesday, July 1st, Andrew Callos sold 15,000 shares of Cytokinetics stock. The stock was sold at an average price of $85.80, for a total transaction of $1,287,000.00.
• On Monday, June 1st, Andrew Callos sold 15,000 shares of Cytokinetics stock. The shares were sold at an average price of $74.08, for a total transaction of $1,111,200.00.
• On Friday, May 1st, Andrew Callos sold 15,857 shares of Cytokinetics stock. The stock was sold at an average price of $65.00, for a total transaction of $1,030,705.00.

Cytokinetics Trading Down 4.1%

NASDAQ:CYTK opened at $77.13 on Friday. Cytokinetics, Incorporated has a 12 month low of $32.89 and a 12 month high of $88.31. The firm has a fifty day simple moving average of $78.75 and a 200-day simple moving average of $70.39. The company has a market capitalization of $9.60 billion, a P/E ratio of -11.28 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share 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. During the same period last year, the firm earned ($1.36) earnings per share. Cytokinetics’s quarterly revenue was up 1112.5% compared to the same quarter last year. Equities analysts forecast that Cytokinetics, Incorporated will post -6.2 EPS for the current year.

Cytokinetics News Summary

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: UK approval and reimbursement support: The Medicines and Healthcare products Regulatory Agency authorized MYQORZO® (aficamten) across the United Kingdom for eligible adults with symptomatic obstructive hypertrophic cardiomyopathy. NICE also recommended aficamten for use in England and Wales, potentially expanding access to roughly 6,600 NHS patients. Commercial availability is expected later this year, creating a potential new revenue stream. Cytokinetics wins UK approval, NICE backing for heart disease drug
• Positive Sentiment: Encouraging clinical evidence: The UK decisions were supported by the phase 3 SEQUOIA-HCM trial, in which aficamten significantly improved peak oxygen uptake versus placebo. This strengthens the commercial case for the company’s lead cardiovascular drug. Cytokinetics announces MHRA authorization and NICE guidance
• Positive Sentiment: Generally favorable analyst view: Brokerages maintain a consensus “Moderate Buy” rating, with a reported average price target near $99.90, above recent trading levels. Some firms have set targets between $105 and $118. Cytokinetics receives Moderate Buy consensus rating
• Neutral Sentiment: Upcoming earnings catalyst: Analysts expect CYTK could exceed estimates in its upcoming second-quarter report. However, Cytokinetics remains unprofitable, and its prior quarter reported a loss of $1.67 per share despite revenue exceeding expectations. Cytokinetics earnings expectations
• Negative Sentiment: Continued insider selling: EVP Andrew Callos sold 14,000 shares worth approximately $1.12 million, reducing his ownership by 19.3%. The sale was made under a pre-arranged Rule 10b5-1 plan, limiting its value as a discretionary bearish signal, but it follows a broader pattern of insider sales without reported purchases in recent months. SEC insider trading filing

Hedge Funds Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its stake in shares of Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 673 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in Cytokinetics during the fourth quarter valued at approximately $27,000. Kestra Advisory Services LLC purchased a new position in Cytokinetics during the fourth quarter valued at approximately $29,000. Quarry LP acquired a new position in Cytokinetics in the third quarter valued at approximately $30,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in Cytokinetics in the 4th quarter worth approximately $32,000.

Analyst Ratings Changes

CYTK has been the subject of several research analyst reports. HC Wainwright raised their price objective on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Truist Financial set a $106.00 target price on Cytokinetics in a research report on Tuesday, May 5th. Needham & Company LLC reiterated a “buy” rating and issued a $102.00 price target on shares of Cytokinetics in a report on Wednesday, June 17th. Morgan Stanley raised their price target on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $99.90.

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.