Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $278,285.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $79.51, for a total value of $278,285.00. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at $12,236,748.02. This trade represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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, June 9th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $67.98, for a total value of $237,930.00.
• On Tuesday, May 5th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $77.37, for a total value of $270,795.00.
• On Tuesday, April 21st, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $65.69, for a total value of $229,915.00.
• On Tuesday, April 7th, Fady Ibraham Malik sold 4,500 shares of Cytokinetics stock. The shares were sold at an average price of $65.11, for a total value of $292,995.00.

Cytokinetics Trading Down 0.5%

CYTK stock opened at $80.80 on Friday. The stock’s 50 day simple moving average is $72.62 and its 200 day simple moving average is $66.79. Cytokinetics, Incorporated has a 12-month low of $32.66 and a 12-month high of $82.95. The firm has a market cap of $10.05 billion, a P/E ratio of -11.81 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. During the same quarter in the previous year, the firm earned ($1.36) EPS. The firm’s revenue for the quarter was up 1112.5% on a year-over-year basis. On average, research analysts forecast that Cytokinetics, Incorporated will post -6.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Cytokinetics

Institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its position in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Cytokinetics in the fourth quarter valued at approximately $27,000. Kestra Advisory Services LLC acquired a new position in shares of Cytokinetics during the fourth quarter valued at approximately $29,000. Quarry LP bought a new stake in Cytokinetics during the third quarter worth approximately $30,000. Finally, TD Waterhouse Canada Inc. bought a new stake in Cytokinetics during the fourth quarter worth approximately $32,000.

Analysts Set New Price Targets

A number of equities analysts have commented on CYTK shares. Needham & Company LLC restated a “buy” rating and issued a $102.00 target price on shares of Cytokinetics in a research note on Wednesday, June 17th. Royal Bank Of Canada reiterated an “outperform” rating and set a $119.00 price target on shares of Cytokinetics in a research report on Wednesday, June 17th. Stifel Nicolaus boosted their price objective on Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Robert W. Baird set a $84.00 price objective on Cytokinetics in a research note on Tuesday, March 10th. Finally, Morgan Stanley increased 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. Two research 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 given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.20.

Cytokinetics Company Profile

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.