Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $237,930.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of the company’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $67.98, for a total transaction of $237,930.00. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at $10,462,257.96. This trade represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through 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, May 5th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $77.37, for a total transaction 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 transaction 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 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.

Cytokinetics Stock Up 3.3%

NASDAQ CYTK opened at $69.27 on Friday. The company has a 50-day simple moving average of $70.33 and a two-hundred day simple moving average of $66.03. Cytokinetics, Incorporated has a 12-month low of $31.99 and a 12-month high of $80.20. The firm has a market cap of $8.62 billion, a price-to-earnings ratio of -10.13 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. During the same quarter in the previous year, the company earned ($1.36) earnings per share. The business’s quarterly revenue was up 1112.5% on a year-over-year basis. Equities analysts expect that Cytokinetics, Incorporated will post -6.29 earnings per share for the current fiscal year.

Institutional Trading of Cytokinetics

Several large investors have recently modified their holdings of the business. Seven Fleet Capital Management LP grew its stake in shares of Cytokinetics by 492.8% in the first quarter. Seven Fleet Capital Management LP now owns 61,269 shares of the biopharmaceutical company’s stock worth $4,038,000 after purchasing an additional 50,934 shares during the last quarter. Western Wealth Management LLC bought a new stake in shares of Cytokinetics in the first quarter worth about $53,000. Cim Investment Management Inc. bought a new stake in shares of Cytokinetics in the first quarter worth about $308,000. Janus Henderson Group PLC grew its stake in shares of Cytokinetics by 10.1% in the first quarter. Janus Henderson Group PLC now owns 282,121 shares of the biopharmaceutical company’s stock worth $18,593,000 after purchasing an additional 25,909 shares during the last quarter. Finally, Encore Global Management LP bought a new position in Cytokinetics in the first quarter worth about $330,000.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Morgan Stanley upped their price target on shares of Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Wells Fargo & Company upped their price target on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Truist Financial set a $106.00 price objective on shares of Cytokinetics in a research report on Tuesday, May 5th. Robert W. Baird set a $84.00 price objective on shares of Cytokinetics in a research note on Tuesday, March 10th. Finally, Royal Bank Of Canada upped their price objective on shares of Cytokinetics from $101.00 to $119.00 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and an average price target of $99.30.

Cytokinetics Company Profile

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.