Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $224,035.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Malik sold 3,500 shares of the company’s stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $64.01, for a total value of $224,035.00. Following the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $9,851,267.02. 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 can be accessed 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, October 6th, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $61.38, for a total value of $214,830.00.
• On Tuesday, September 22nd, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $68.29, for a total value of $239,015.00.
• On Tuesday, September 8th, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $75.46, for a total value of $264,110.00.
• On Tuesday, August 18th, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $75.82, for a total transaction of $265,370.00.

Cytokinetics Stock Performance

Shares of CYTK opened at $62.33 on Friday. Cytokinetics, Incorporated has a 1 year low of $54.30 and a 1 year high of $88.31. The company has a market cap of $7.76 billion, a price-to-earnings ratio of -8.63 and a beta of 0.41. The firm has a fifty day moving average of $69.16 and a 200-day moving average of $73.18.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, topping the consensus estimate of ($1.63) by $0.13. The firm had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. During the same quarter in the prior year, the company posted ($1.12) EPS. The firm’s revenue was down 57.1% on a year-over-year basis. Analysts predict that Cytokinetics, Incorporated will post -5.97 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CYTK. Fifth Third Wealth Advisors LLC raised its holdings in Cytokinetics by 29.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 6,685 shares of the biopharmaceutical company’s stock worth $441,000 after purchasing an additional 1,531 shares in the last quarter. Sterling Capital Management LLC boosted its stake in Cytokinetics by 16.3% during the 3rd quarter. Sterling Capital Management LLC now owns 2,825 shares of the biopharmaceutical company’s stock valued at $186,000 after purchasing an additional 396 shares in the last quarter. Root Financial Partners LLC bought a new position in Cytokinetics during the 3rd quarter valued at $110,000. Reyes Financial Architecture Inc. acquired a new position in shares of Cytokinetics during the 3rd quarter valued at $68,000. Finally, Crossmark Global Holdings Inc. increased its position in shares of Cytokinetics by 3.8% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 9,263 shares of the biopharmaceutical company’s stock valued at $611,000 after purchasing an additional 340 shares during the period.

Wall Street Analyst Weigh In

CYTK has been the subject of a number of analyst reports. HC Wainwright reissued a “buy” rating and set a $140.00 target price on shares of Cytokinetics in a research note on Monday. UBS Group restated a “buy” rating and issued a $104.00 price target on shares of Cytokinetics in a research note on Wednesday, October 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Thursday, October 15th. Royal Bank Of Canada lifted their price target on Cytokinetics from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Thursday, October 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research report on Friday, September 11th. Nineteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $105.44.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.