Edward Md Kaye Sells 6,757 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) Director Edward Md Kaye sold 6,757 shares of the firm’s stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $60.00, for a total transaction of $405,420.00. Following the completion of the transaction, the director directly owned 9,778 shares in the company, valued at $586,680. This represents a 40.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Cytokinetics Trading Down 0.8%

Shares of Cytokinetics stock opened at $60.17 on Wednesday. The firm has a market capitalization of $7.20 billion, a PE ratio of -11.80 and a beta of 0.67. Cytokinetics, Incorporated has a twelve month low of $29.31 and a twelve month high of $61.19. The firm’s 50-day moving average price is $44.61 and its 200 day moving average price is $38.80.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million during the quarter, compared to analysts’ expectations of $1.95 million. The company’s quarterly revenue was up 26727.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.31) earnings per share. On average, sell-side analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Raymond James Financial assumed coverage on shares of Cytokinetics in a research note on Wednesday, July 30th. They issued a “market perform” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research note on Saturday, September 27th. B. Riley raised their target price on shares of Cytokinetics from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Bank of America raised their target price on shares of Cytokinetics from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 2nd. Finally, HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a research note on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $76.64.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its holdings 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 acquiring an additional 673 shares during the last quarter. Fifth Third Bancorp raised its position in Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock valued at $39,000 after purchasing an additional 291 shares during the period. Parallel Advisors LLC raised its position in Cytokinetics by 500.5% in the first quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock valued at $44,000 after purchasing an additional 916 shares during the period. GAMMA Investing LLC raised its position in Cytokinetics by 281.0% in the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock valued at $45,000 after purchasing an additional 826 shares during the period. Finally, UMB Bank n.a. raised its position in Cytokinetics by 91.4% in the first quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company’s stock valued at $46,000 after purchasing an additional 552 shares during the period.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.