Edward Md Kaye Sells 6,695 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) Director Edward Md Kaye sold 6,695 shares of Cytokinetics stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $55.08, for a total transaction of $368,760.60. Following the sale, the director owned 16,535 shares of the company’s stock, valued at approximately $910,747.80. This represents a 28.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $56.32 on Friday. The firm has a market cap of $6.74 billion, a P/E ratio of -11.04 and a beta of 0.67. The firm’s 50 day moving average price is $43.25 and its 200-day moving average price is $38.52. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $59.39.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.22. The firm had revenue of $66.77 million for the quarter, compared to analyst estimates of $1.95 million. During the same quarter last year, the company earned ($1.31) earnings per share. The firm’s revenue for the quarter was up 26727.3% on a year-over-year basis. As a group, research analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC raised its position in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares in the last quarter. Fifth Third Bancorp raised its holdings in Cytokinetics by 42.2% during the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 291 shares in the last quarter. Hantz Financial Services Inc. lifted its position in shares of Cytokinetics by 2,872.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company’s stock worth $43,000 after buying an additional 1,264 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Cytokinetics by 500.5% during the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock worth $44,000 after buying an additional 916 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Cytokinetics by 281.0% in the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock valued at $45,000 after buying an additional 826 shares in the last quarter.

Wall Street Analyst Weigh In

Several research firms have weighed in on CYTK. Bank of America lifted their target price on Cytokinetics from $52.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Tuesday, September 2nd. JMP Securities reissued a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research report on Tuesday, September 2nd. Raymond James Financial started coverage on Cytokinetics in a research report on Wednesday, July 30th. They set a “market perform” rating on the stock. Finally, JPMorgan Chase & Co. decreased their target price on Cytokinetics from $71.00 to $53.00 and set an “overweight” rating for the company in a report on Monday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.86.

Cytokinetics Company Profile

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.