Cytokinetics (NASDAQ:CYTK) EVP Fady Ibraham Malik Sells 3,500 Shares

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $75.82, for a total transaction 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 $11,668,849.64. This represents 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 21st, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was 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 shares were 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 Price Performance

Shares of NASDAQ CYTK opened at $76.10 on Wednesday. The company has a 50 day simple moving average of $79.58 and a 200-day simple moving average of $71.53. The company has a market capitalization of $9.47 billion, a P/E ratio of -10.54 and a beta of 0.39. Cytokinetics, Incorporated has a 1 year low of $35.22 and a 1 year high of $88.31.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, beating analysts’ consensus estimates of ($1.63) by $0.13. The business had revenue of $28.62 million during the quarter, compared to analyst estimates of $17.59 million. The company’s revenue was down 57.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.12) earnings per share. As a group, research analysts expect that Cytokinetics, Incorporated will post -6 EPS for the current year.

Wall Street Analysts Forecast Growth

CYTK has been the subject of a number of recent analyst reports. Citizens Jmp raised their price objective on Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a research report on Friday, August 7th. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a research report on Friday, August 7th. Wall Street Zen raised shares of Cytokinetics from a “sell” rating to a “hold” rating in a research note on Sunday. Truist Financial lifted their price target on shares of Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Finally, Morgan Stanley upped their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Nineteen 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. Based on data from MarketBeat.com, Cytokinetics currently has an average rating of “Moderate Buy” and an average target price of $102.20.

Institutional Trading of Cytokinetics

A number of institutional investors and hedge funds have recently bought and sold shares of CYTK. Vanguard Group Inc. increased its holdings in Cytokinetics by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after purchasing an additional 191,336 shares during the period. Royce & Associates LP boosted its stake in shares of Cytokinetics by 44.3% in the 4th quarter. Royce & Associates LP now owns 144,426 shares of the biopharmaceutical company’s stock valued at $9,177,000 after buying an additional 44,343 shares during the period. Handelsbanken Fonder AB boosted its stake in shares of Cytokinetics by 63.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock valued at $34,502,000 after buying an additional 157,700 shares during the period. Norges Bank acquired a new position in shares of Cytokinetics during the fourth quarter worth about $51,281,000. Finally, Eventide Asset Management LLC increased its stake in shares of Cytokinetics by 181.9% during the fourth quarter. Eventide Asset Management LLC now owns 479,611 shares of the biopharmaceutical company’s stock worth $30,473,000 after buying an additional 309,503 shares during the period.

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.