Cytokinetics (NASDAQ:CYTK) EVP Sells 3,500 Shares

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $12,236,748.02. This trade represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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 shares were 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 Stock Up 1.1%

NASDAQ CYTK traded up $0.84 on Tuesday, reaching $80.01. The company had a trading volume of 2,077,613 shares, compared to its average volume of 2,188,945. The company’s fifty day moving average is $71.75 and its 200 day moving average is $66.48. Cytokinetics, Incorporated has a 52-week low of $32.22 and a 52-week high of $80.80. The stock has a market capitalization of $9.96 billion, a P/E ratio of -11.70 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 for the quarter, compared to analysts’ expectations of $8.52 million. During the same period in the prior year, the firm earned ($1.36) earnings per share. Cytokinetics’s revenue was up 1112.5% compared to the same quarter last year. On average, research analysts expect that Cytokinetics, Incorporated will post -6.29 EPS for the current year.

Institutional Trading of Cytokinetics

A number of large investors have recently added to or reduced their stakes in CYTK. Millennium Management LLC grew its position in shares of Cytokinetics by 361.9% during the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock valued at $11,571,000 after acquiring an additional 225,576 shares during the period. Cetera Investment Advisers raised its holdings in shares of Cytokinetics by 12.4% in the 2nd quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock worth $219,000 after purchasing an additional 731 shares during the period. EverSource Wealth Advisors LLC lifted its stake in 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 purchasing an additional 673 shares during the last quarter. Gabelli Funds LLC lifted its stake in Cytokinetics by 29.4% in the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock valued at $278,000 after purchasing an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System lifted its stake in Cytokinetics by 10.8% in the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock valued at $4,712,000 after purchasing an additional 13,911 shares during the last quarter.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Mizuho boosted their price target on shares of Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, March 18th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $119.00 price objective on shares of Cytokinetics in a research note on Wednesday, June 17th. Truist Financial set a $106.00 target price on shares of Cytokinetics in a research report on Tuesday, May 5th. Citigroup began coverage on Cytokinetics in a research note on Monday, May 18th. They issued a “buy” rating and a $99.00 target price on the stock. Finally, Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a report on Wednesday, February 25th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and an average target price of $99.30.

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.