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 stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $75.82, for a total transaction of $265,370.00. Following the completion of the transaction, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $11,668,849.64. The trade was a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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, July 21st, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $80.59, for a total transaction of $282,065.00.
• On Tuesday, July 7th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $86.62, for a total value of $303,170.00.
• On Tuesday, June 23rd, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $79.51, for a total value of $278,285.00.
• On Tuesday, June 9th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $67.98, for a total value of $237,930.00.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded up $0.21 during mid-day trading on Tuesday, hitting $76.08. 1,653,099 shares of the stock traded hands, compared to its average volume of 2,163,464. Cytokinetics, Incorporated has a 52 week low of $35.22 and a 52 week high of $88.31. The company has a market cap of $9.47 billion, a price-to-earnings ratio of -10.54 and a beta of 0.39. The stock has a fifty day moving average price of $79.43 and a 200-day moving average price of $71.45.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping the consensus estimate of ($1.63) by $0.13. The firm had revenue of $28.62 million during the quarter, compared to analysts’ expectations of $17.59 million. Cytokinetics’s revenue for the quarter was down 57.1% on a year-over-year basis. During the same period in the previous year, the company earned ($1.12) earnings per share. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -6.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Woodline Partners LP increased its position in shares of Cytokinetics by 676.1% during the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock valued at $90,559,000 after acquiring an additional 1,435,422 shares in the last quarter. Norges Bank bought a new position in Cytokinetics in the 4th quarter valued at approximately $51,281,000. Deep Track Capital LP boosted its stake in Cytokinetics by 17.8% during the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after purchasing an additional 650,000 shares during the last quarter. Siren L.L.C. bought a new stake in shares of Cytokinetics in the 1st quarter worth $40,466,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cytokinetics by 151,987.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock worth $35,949,000 after purchasing an additional 565,393 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages recently issued reports on CYTK. JPMorgan Chase & Co. lifted their price target on shares of Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Morgan Stanley boosted their price target on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and upped their price target for the stock from $69.00 to $115.00 in a research note on Monday, June 29th. Barclays lifted their price objective on Cytokinetics from $95.00 to $110.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Finally, Wells Fargo & Company boosted their target price on Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Nineteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $102.20.

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.