Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells 3,500 Shares of Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $65.69, for a total transaction of $229,915.00. Following the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $10,109,822.38. The trade was 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 through 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, 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 transaction of $292,995.00.
• On Tuesday, March 17th, Fady Ibraham Malik sold 12,033 shares of Cytokinetics stock. The shares were sold at an average price of $62.15, for a total transaction of $747,850.95.
• On Monday, March 9th, Fady Ibraham Malik sold 2,907 shares of Cytokinetics stock. The stock was sold at an average price of $60.72, for a total transaction of $176,513.04.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded down $0.34 during mid-day trading on Tuesday, hitting $65.80. The stock had a trading volume of 1,174,682 shares, compared to its average volume of 1,853,786. The business has a 50 day moving average price of $64.25 and a two-hundred day moving average price of $63.33. The firm has a market cap of $8.10 billion, a P/E ratio of -10.08 and a beta of 0.47. Cytokinetics, Incorporated has a 1 year low of $29.31 and a 1 year high of $70.98.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data 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 business had revenue of $17.76 million for the quarter, compared to analyst estimates of $8.02 million. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.26) earnings per share. Equities research analysts predict that Cytokinetics, Incorporated will post -6.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Kemnay Advisory Services Inc. bought a new stake in Cytokinetics in the fourth quarter worth $27,000. Kestra Advisory Services LLC purchased a new position in shares of Cytokinetics during the fourth quarter valued at $29,000. TD Waterhouse Canada Inc. purchased a new position in shares of Cytokinetics during the fourth quarter valued at $32,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cytokinetics by 46.0% during the fourth 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 during the period. Finally, Quarry LP purchased a new position in Cytokinetics in the third quarter valued at about $30,000.

Wall Street Analyst Weigh In

CYTK has been the topic of several research analyst reports. HC Wainwright upped their target price on shares of Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. JPMorgan Chase & Co. upped their target price on shares of Cytokinetics from $74.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, March 17th. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. B. Riley Financial upped their price target on shares of Cytokinetics from $90.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Finally, Truist Financial upped their price target on shares of Cytokinetics from $84.00 to $92.00 and gave the company a “buy” rating in a research report on Tuesday, February 3rd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.55.

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.