Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells 3,500 Shares of Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Malik sold 3,500 shares of Cytokinetics stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $61.38, for a total transaction of $214,830.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares in the company, valued at approximately $9,446,504.76. The trade was a 2.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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, September 22nd, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $68.29, for a total value of $239,015.00.
• On Tuesday, September 8th, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $75.46, for a total transaction of $264,110.00.
• On Tuesday, August 18th, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $75.82, for a total transaction of $265,370.00.
• On Tuesday, July 21st, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $80.59, for a total value of $282,065.00.

Cytokinetics Price Performance

CYTK traded down $1.35 during trading on Tuesday, reaching $61.35. 3,222,392 shares of the stock were exchanged, compared to its average volume of 2,147,359. The company has a market capitalization of $7.63 billion, a price-to-earnings ratio of -8.50 and a beta of 0.41. Cytokinetics, Incorporated has a 1 year low of $54.30 and a 1 year high of $88.31. The business’s 50 day moving average price is $73.11 and its two-hundred day moving average price is $73.26.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to analysts’ expectations of $17.59 million. During the same period last year, the business earned ($1.12) earnings per share. The company’s revenue for the quarter was down 57.1% on a year-over-year basis. On average, analysts anticipate that Cytokinetics, Incorporated will post -5.98 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CYTK shares. Citigroup restated a “market outperform” rating on shares of Cytokinetics in a research report on Friday, August 7th. Mizuho lifted their price objective on Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research note on Friday, July 17th. Needham & Company LLC upped their target price on shares of Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, August 7th. Finally, Morgan Stanley raised shares of Cytokinetics from an “overweight” rating to a “buy” rating in a research note on Tuesday, September 1st. Eighteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $106.00.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors have recently added to or reduced their stakes in CYTK. Cim Investment Management Inc. lifted its position in Cytokinetics by 20.9% during the second quarter. Cim Investment Management Inc. now owns 5,657 shares of the biopharmaceutical company’s stock worth $482,000 after buying an additional 979 shares during the period. Tidal Investments LLC grew its holdings in Cytokinetics by 24.7% in the 2nd quarter. Tidal Investments LLC now owns 24,921 shares of the biopharmaceutical company’s stock valued at $2,123,000 after buying an additional 4,938 shares during the period. WINTON GROUP Ltd purchased a new stake in Cytokinetics in the 2nd quarter valued at about $774,000. Integrated Wealth Concepts LLC acquired a new position in shares of Cytokinetics during the 2nd quarter valued at about $36,000. Finally, Squarepoint Ops LLC acquired a new position in Cytokinetics during the second quarter worth approximately $226,000.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.

Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.