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

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Malik sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $62.93, for a total value of $220,255.00. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $9,685,052.86. This represents a 2.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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, October 20th, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $64.01, for a total transaction of $224,035.00.
• On Tuesday, October 6th, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $61.38, for a total transaction of $214,830.00.
• On Tuesday, September 22nd, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $68.29, for a total transaction 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 shares were sold at an average price of $75.82, for a total transaction of $265,370.00.

Cytokinetics Trading Up 2.1%

CYTK opened at $63.60 on Thursday. The company has a fifty day simple moving average of $66.63 and a 200 day simple moving average of $70.05. The firm has a market cap of $7.91 billion, a price-to-earnings ratio of -8.81 and a beta of 0.45. Cytokinetics, Incorporated has a twelve month low of $58.05 and a twelve month high of $88.31.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.43) by $0.06. The firm had revenue of $47.56 million for the quarter, compared to analysts’ expectations of $41.88 million. During the same period last year, the firm earned ($2.55) EPS. The business’s quarterly revenue was up 2356.5% on a year-over-year basis. On average, analysts forecast that Cytokinetics, Incorporated will post -5.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC acquired a new position in shares of Cytokinetics in the 2nd quarter worth approximately $36,000. Physician Wealth Advisors Inc. increased its holdings in shares of Cytokinetics by 810.2% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 446 shares of the biopharmaceutical company’s stock valued at $29,000 after acquiring an additional 397 shares during the last quarter. V Square Quantitative Management LLC raised its position in shares of Cytokinetics by 71.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock valued at $30,000 after acquiring an additional 191 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Cytokinetics by 842.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock valued at $41,000 after acquiring an additional 573 shares in the last quarter. Finally, Manchester Capital Management LLC acquired a new stake in shares of Cytokinetics during the 3rd quarter valued at approximately $43,000.

Analyst Ratings Changes

Several research analysts recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $140.00 price target on shares of Cytokinetics in a research note on Monday, October 19th. William Blair began coverage on Cytokinetics in a research note on Friday, October 16th. They set an “outperform” rating for the company. Wall Street Zen downgraded Cytokinetics from a “hold” rating to a “sell” rating in a report on Tuesday, October 20th. JPMorgan Chase & Co. upped their target price on Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Finally, Barclays upped their target price on Cytokinetics from $95.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Nineteen investment 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $105.44.

Key Cytokinetics News

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Cytokinetics reported a third-quarter loss of $1.37 per share, better than analysts’ expected loss of $1.44, and revenue of $47.56 million versus estimates of $41.88 million. Revenue rose 2,356.5% year over year, and the per-share loss narrowed from $2.55 in the year-ago quarter. Earnings report
• Neutral Sentiment: CEO Robert Blum and EVP Fady Malik sold shares under pre-arranged Rule 10b5-1 trading plans. The sales totaled 7,500 and 3,500 shares, respectively; both executives retained substantial holdings, which may reduce the significance of the transactions. Insider sale report

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.