Cytokinetics (NASDAQ:CYTK) EVP Sells $282,065.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $80.59, for a total value of $282,065.00. Following the completion of the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at $12,402,962.18. The trade was a 2.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 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 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 value 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 value 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 value of $237,930.00.
• On Tuesday, May 5th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $77.37, for a total value of $270,795.00.

Cytokinetics Trading Up 2.6%

Shares of CYTK stock opened at $80.42 on Friday. Cytokinetics, Incorporated has a twelve month low of $32.89 and a twelve month high of $88.31. The stock has a market capitalization of $10.01 billion, a price-to-earnings ratio of -11.76 and a beta of 0.42. The stock has a fifty day simple moving average of $78.74 and a two-hundred day simple moving average of $70.34.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. The business’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.36) EPS. Research analysts predict that Cytokinetics, Incorporated will post -6.2 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on CYTK. Royal Bank Of Canada cut their target price on shares of Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Wells Fargo & Company increased their price objective on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Citigroup began coverage on shares of Cytokinetics in a report on Monday, May 18th. They set a “buy” rating and a $99.00 price objective on the stock. Finally, Morgan Stanley boosted their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $99.90.

Key Cytokinetics News

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: UK regulatory and reimbursement progress: The Medicines and Healthcare products Regulatory Agency authorized MYQORZO across the United Kingdom for eligible adults with symptomatic obstructive hypertrophic cardiomyopathy. NICE also recommended the treatment for use in England and Wales, potentially expanding access to approximately 6,600 NHS patients. Commercial availability is expected later this year. Cytokinetics wins UK approval, NICE backing for heart disease drug
• Positive Sentiment: Supportive clinical data: The approval was supported by the phase 3 SEQUOIA-HCM trial, in which aficamten produced a statistically significant improvement in peak oxygen uptake versus placebo. The UK authorization and NICE recommendation strengthen the drug’s potential as a future revenue driver for Cytokinetics. Cytokinetics Announces MHRA Marketing Authorisation for MYQORZO and Positive Guidance from NICE
• Neutral Sentiment: Earnings expectations: Analysts expect Cytokinetics to potentially exceed estimates in its upcoming second-quarter report. However, the company remains unprofitable, and its prior quarter included a loss of $1.67 per share despite revenue substantially exceeding expectations. Cytokinetics Expected to Beat Earnings Estimates
• Negative Sentiment: Executive selling adds a sentiment overhang: EVP Andrew Callos sold 14,000 shares worth approximately $1.12 million. The transaction was conducted under a pre-arranged Rule 10b5-1 plan, which reduces its significance as a discretionary bearish signal, but it follows a broader pattern of insider selling and no reported insider purchases in recent months. SEC Form 4 filing

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its holdings in Cytokinetics by 361.9% in the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after acquiring an additional 225,576 shares in the last quarter. Cetera Investment Advisers increased its holdings in shares of Cytokinetics by 12.4% during the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock valued at $219,000 after acquiring an additional 731 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares in the last quarter. Gabelli Funds LLC raised its position in shares of Cytokinetics by 29.4% in the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock valued at $278,000 after purchasing an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Cytokinetics by 10.8% in the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock valued at $4,712,000 after purchasing an additional 13,911 shares during the last quarter.

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.