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

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of the company’s stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $65.69, for a total transaction of $229,915.00. Following the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at $10,109,822.38. The trade was a 2.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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, April 7th, Fady Ibraham Malik sold 4,500 shares of Cytokinetics stock. The stock was sold at an average price of $65.11, for a total transaction of $292,995.00.
• On Tuesday, March 17th, Fady Ibraham Malik sold 12,033 shares of Cytokinetics stock. The stock was sold at an average price of $62.15, for a total transaction of $747,850.95.
• On Monday, March 9th, Fady Ibraham Malik sold 2,907 shares of Cytokinetics stock. The shares were sold at an average price of $60.72, for a total transaction of $176,513.04.

Cytokinetics Trading Up 0.7%

Shares of CYTK opened at $66.25 on Thursday. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $70.98. The firm has a 50-day moving average price of $64.26 and a 200 day moving average price of $63.41. The firm has a market capitalization of $8.23 billion, a P/E ratio of -10.15 and a beta of 0.47.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The company had revenue of $17.76 million for the quarter, compared to analysts’ expectations of $8.02 million. During the same period in the prior year, the company earned ($1.26) earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities research analysts predict that Cytokinetics, Incorporated will post -6.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CYTK has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Monday. Robert W. Baird set a $84.00 price objective on shares of Cytokinetics in a report on Tuesday, March 10th. Royal Bank Of Canada upped their price objective on shares of Cytokinetics from $95.00 to $101.00 and gave the company an “outperform” rating in a report on Friday, February 20th. Needham & Company LLC upped their price objective on shares of Cytokinetics from $84.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cytokinetics from $74.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $90.55.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Lisanti Capital Growth LLC purchased a new position in Cytokinetics during the third quarter worth about $2,697,000. Hudson Bay Capital Management LP boosted its stake in Cytokinetics by 15.4% during the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock worth $10,010,000 after buying an additional 24,345 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in Cytokinetics during the third quarter worth about $1,359,000. Moody Aldrich Partners LLC purchased a new position in Cytokinetics during the third quarter worth about $4,532,000. Finally, Knott David M Jr acquired a new stake in shares of Cytokinetics during the third quarter worth about $1,649,000.

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.