Cytokinetics (NASDAQ:CYTK) Director Edward Md Kaye Sells 2,933 Shares of Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) Director Edward Md Kaye sold 2,933 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $76.09, for a total value of $223,171.97. Following the completion of the transaction, the director owned 10,283 shares of the company’s stock, valued at $782,433.47. The trade was a 22.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Down 4.0%

CYTK stock opened at $73.68 on Tuesday. The stock has a 50-day moving average price of $69.17 and a two-hundred day moving average price of $65.80. Cytokinetics, Incorporated has a 12-month low of $30.55 and a 12-month high of $80.20. The company has a market cap of $9.17 billion, a PE ratio of -10.77 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. During the same period last year, the firm posted ($1.36) EPS. Cytokinetics’s revenue was up 1112.5% on a year-over-year basis. Equities analysts forecast that Cytokinetics, Incorporated will post -6.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Morgan Stanley upped their target price on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Stifel Nicolaus increased their price target on Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Leerink Partners reissued an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Finally, JPMorgan Chase & Co. increased their target price on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.30.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently modified their holdings of the stock. Western Wealth Management LLC acquired a new position in shares of Cytokinetics in the 1st quarter worth $53,000. Cim Investment Management Inc. acquired a new stake in Cytokinetics during the first quarter valued at $308,000. Janus Henderson Group PLC lifted its position in shares of Cytokinetics by 10.1% in the first quarter. Janus Henderson Group PLC now owns 282,121 shares of the biopharmaceutical company’s stock worth $18,593,000 after buying an additional 25,909 shares during the last quarter. Encore Global Management LP acquired a new stake in shares of Cytokinetics in the first quarter worth about $330,000. Finally, ADAR1 Capital Management LLC lifted its position in shares of Cytokinetics by 17.1% in the first quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company’s stock worth $41,692,000 after buying an additional 92,390 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.