Cytokinetics (NASDAQ:CYTK) EVP Sells $266,390.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Sung Lee sold 3,134 shares of Cytokinetics stock in a transaction on Monday, June 29th. The shares were sold at an average price of $85.00, for a total value of $266,390.00. Following the transaction, the executive vice president owned 63,221 shares in the company, valued at approximately $5,373,785. This trade represents a 4.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Price Performance

Cytokinetics stock opened at $85.26 on Thursday. Cytokinetics, Incorporated has a fifty-two week low of $32.89 and a fifty-two week high of $88.31. The firm’s 50 day simple moving average is $74.15 and its 200-day simple moving average is $67.45. The company has a market cap of $10.61 billion, a P/E ratio of -12.46 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. During the same period in the prior year, the business posted ($1.36) EPS. The company’s revenue for the quarter was up 1112.5% on a year-over-year basis. On average, analysts expect that Cytokinetics, Incorporated will post -6.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CYTK has been the topic of a number of research analyst reports. Robert W. Baird set a $84.00 price target on Cytokinetics in a report on Tuesday, March 10th. Mizuho raised their price objective on Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 24th. Barclays lifted their target price on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a research note on Monday, April 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Finally, Stifel Nicolaus increased their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $100.00.

Institutional Trading of Cytokinetics

A number of institutional investors have recently bought and sold shares of the company. Millennium Management LLC raised its stake in shares of Cytokinetics by 361.9% during the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after purchasing an additional 225,576 shares in the last quarter. Cetera Investment Advisers increased its holdings in Cytokinetics by 12.4% in the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock worth $219,000 after buying an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC increased 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 worth $25,000 after buying an additional 673 shares during the last quarter. Gabelli Funds LLC increased its holdings in Cytokinetics by 29.4% in the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock worth $278,000 after buying an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in Cytokinetics by 10.8% during the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock valued at $4,712,000 after acquiring an additional 13,911 shares in the last quarter.

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.