Cytokinetics (NASDAQ:CYTK) EVP Fady Ibraham Malik Sells 3,500 Shares of Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $86.62, for a total value of $303,170.00. Following the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at $13,330,991.24. The trade was a 2.22% decrease in their position. The transaction was disclosed in a document filed 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, June 23rd, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $79.51, for a total value of $278,285.00.
• On Tuesday, June 9th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $67.98, for a total transaction of $237,930.00.
• 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.

Cytokinetics Stock Down 0.0%

NASDAQ CYTK opened at $85.56 on Wednesday. The firm has a market cap of $10.65 billion, a P/E ratio of -12.51 and a beta of 0.42. The company’s 50 day moving average is $75.77 and its 200-day moving average is $68.13. Cytokinetics, Incorporated has a 12-month low of $32.89 and a 12-month high of $88.31.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CYTK. Wall Street Zen upgraded Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Needham & Company LLC reissued a “buy” rating and set a $102.00 price objective on shares of Cytokinetics in a report on Wednesday, June 17th. Wells Fargo & Company raised their target price on Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Robert W. Baird set a $84.00 price target on Cytokinetics in a research report on Tuesday, March 10th. Finally, Barclays increased their price target on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $99.90.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CYTK. Vanguard Group Inc. increased its position in shares of Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after purchasing an additional 191,336 shares during the last quarter. Hudson Bay Capital Management LP lifted its position in Cytokinetics by 15.4% during the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock valued at $10,010,000 after purchasing an additional 24,345 shares during the last quarter. Cinctive Capital Management LP purchased a new position in Cytokinetics in the 3rd quarter worth approximately $5,806,000. Boxer Capital Management LLC bought a new position in shares of Cytokinetics in the 3rd quarter worth $10,992,000. Finally, Foresite Capital Management IV LLC bought a new position in shares of Cytokinetics in the 3rd quarter worth $25,188,000.

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.