Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $747,850.95 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 12,033 shares of the business’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $747,850.95. Following the transaction, the executive vice president owned 153,902 shares in the company, valued at approximately $9,565,009.30. The trade was a 7.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Fady Ibraham Malik also recently made the following trade(s):

• 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 Price Performance

Shares of CYTK opened at $61.70 on Friday. The firm has a 50-day moving average of $63.77 and a 200-day moving average of $61.13. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $70.98. The company has a market cap of $7.60 billion, a PE ratio of -9.45 and a beta of 0.56.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results 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 firm had revenue of $17.76 million for the quarter, compared to the consensus estimate of $8.02 million. During the same quarter last year, the firm posted ($1.26) earnings per share. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CYTK. UBS Group raised their price objective on Cytokinetics from $61.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, March 6th. JPMorgan Chase & Co. boosted their target price on Cytokinetics from $74.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday. Needham & Company LLC increased their price target on Cytokinetics from $84.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Royal Bank Of Canada raised their price target on Cytokinetics from $95.00 to $101.00 and gave the company an “outperform” rating in a report on Friday, February 20th. Finally, Citizens Jmp lifted their price objective on shares of Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research report on Wednesday, February 25th. Seventeen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $89.89.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Kemnay Advisory Services Inc. bought a new position in shares of Cytokinetics during the fourth quarter worth approximately $27,000. Kestra Advisory Services LLC bought a new stake in Cytokinetics in the 4th quarter valued at $29,000. TD Waterhouse Canada Inc. acquired a new position in Cytokinetics in the 4th quarter valued at $32,000. Northwestern Mutual Wealth Management Co. grew its holdings in Cytokinetics by 46.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after buying an additional 171 shares in the last quarter. Finally, Quarry LP bought a new position in Cytokinetics during the 3rd quarter worth $30,000.

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.