Cytokinetics (NASDAQ:CYTK) EVP Andrew Callos Sells 14,000 Shares of Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Andrew Callos sold 14,000 shares of the firm’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $79.88, for a total transaction of $1,118,320.00. Following the sale, the executive vice president owned 58,555 shares in the company, valued at approximately $4,677,373.40. This trade represents a 19.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Andrew Callos also recently made the following trade(s):

• On Wednesday, July 1st, Andrew Callos sold 15,000 shares of Cytokinetics stock. The stock was sold at an average price of $85.80, for a total transaction of $1,287,000.00.
• On Monday, June 1st, Andrew Callos sold 15,000 shares of Cytokinetics stock. The shares were sold at an average price of $74.08, for a total value of $1,111,200.00.
• On Friday, May 1st, Andrew Callos sold 15,857 shares of Cytokinetics stock. The shares were sold at an average price of $65.00, for a total value of $1,030,705.00.

Cytokinetics Stock Up 2.6%

NASDAQ CYTK opened at $80.42 on Friday. The stock’s 50-day simple moving average is $78.74 and its two-hundred day simple moving average is $70.34. Cytokinetics, Incorporated has a twelve month low of $32.89 and a twelve month high of $88.31. The company has a market capitalization of $10.01 billion, a price-to-earnings ratio of -11.76 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. Cytokinetics’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.36) earnings per share. On average, equities analysts expect that Cytokinetics, Incorporated will post -6.2 earnings per share for the current fiscal year.

Cytokinetics News Roundup

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CYTK shares. Truist Financial set a $106.00 price objective on shares of Cytokinetics in a report on Tuesday, May 5th. JPMorgan Chase & Co. increased their target price on shares of Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. UBS Group raised shares of Cytokinetics from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $69.00 to $115.00 in a research note on Monday, June 29th. Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Royal Bank Of Canada reduced their price objective on Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $99.90.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its position in shares of Cytokinetics by 723.7% in 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 during the period. Kemnay Advisory Services Inc. bought a new position in shares of Cytokinetics during the fourth quarter valued at about $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Cytokinetics during the fourth quarter worth about $29,000. Quarry LP purchased a new stake in shares of Cytokinetics during the third quarter worth about $30,000. Finally, TD Waterhouse Canada Inc. bought a new stake in shares of Cytokinetics in the fourth quarter worth about $32,000.

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.