Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $265,370.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $75.82, for a total value of $265,370.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $11,668,849.64. This represents a 2.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Fady Ibraham Malik also recently made the following trade(s):

• On Tuesday, July 21st, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $80.59, for a total transaction of $282,065.00.
• On Tuesday, July 7th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $86.62, for a total transaction of $303,170.00.
• On Tuesday, June 23rd, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $79.51, for a total transaction of $278,285.00.
• On Tuesday, June 9th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $67.98, for a total transaction of $237,930.00.

Cytokinetics Stock Performance

Shares of CYTK stock traded up $0.21 on Tuesday, hitting $76.08. 1,653,099 shares of the company’s stock traded hands, compared to its average volume of 2,163,464. Cytokinetics, Incorporated has a one year low of $35.22 and a one year high of $88.31. The company’s fifty day simple moving average is $79.43 and its 200 day simple moving average is $71.45. The stock has a market capitalization of $9.47 billion, a price-to-earnings ratio of -10.54 and a beta of 0.39.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million during the quarter, compared to the consensus estimate of $17.59 million. During the same period in the prior year, the firm earned ($1.12) earnings per share. The business’s revenue for the quarter was down 57.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Cytokinetics, Incorporated will post -6.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after acquiring an additional 191,336 shares during the period. Handelsbanken Fonder AB boosted its holdings in Cytokinetics by 63.8% in the second quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock valued at $34,502,000 after acquiring an additional 157,700 shares in the last quarter. Royce & Associates LP increased its position in Cytokinetics by 44.3% during the 4th quarter. Royce & Associates LP now owns 144,426 shares of the biopharmaceutical company’s stock valued at $9,177,000 after purchasing an additional 44,343 shares during the period. Norges Bank purchased a new position in Cytokinetics during the 4th quarter valued at $51,281,000. Finally, Eventide Asset Management LLC raised its holdings in Cytokinetics by 181.9% in the 4th quarter. Eventide Asset Management LLC now owns 479,611 shares of the biopharmaceutical company’s stock worth $30,473,000 after purchasing an additional 309,503 shares in the last quarter.

Analyst Ratings Changes

CYTK has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price target on Cytokinetics from $97.00 to $103.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Truist Financial raised their target price on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Citizens Jmp lifted their target price on shares of Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a research note on Friday, August 7th. Wells Fargo & Company upped their price target on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Barclays increased their price target on shares of Cytokinetics from $95.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Nineteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cytokinetics presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.20.

Cytokinetics Company Profile

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.