Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells 3,500 Shares of Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $67.98, for a total value of $237,930.00. Following the completion of the transaction, the executive vice president owned 153,902 shares in the company, valued at $10,462,257.96. The trade was a 2.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 shares were sold at an average price of $77.37, for a total value of $270,795.00.
• On Tuesday, April 21st, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $65.69, for a total value 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 value 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 value of $747,850.95.

Cytokinetics Trading Up 0.8%

NASDAQ:CYTK traded up $0.55 during mid-day trading on Tuesday, hitting $68.45. The company had a trading volume of 2,492,468 shares, compared to its average volume of 2,177,194. The business has a fifty day simple moving average of $70.06 and a 200-day simple moving average of $65.96. Cytokinetics, Incorporated has a 1 year low of $31.99 and a 1 year high of $80.20. The firm has a market capitalization of $8.52 billion, a price-to-earnings ratio of -10.01 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. The company’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same period last year, the business earned ($1.36) earnings per share. As a group, research analysts anticipate that Cytokinetics, Incorporated will post -6.29 earnings per share for the current year.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently bought and sold shares of CYTK. Millennium Management LLC grew its stake in Cytokinetics by 361.9% in the first 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 lifted 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 acquiring an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC lifted 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 acquiring an additional 673 shares during the last quarter. Gabelli Funds LLC lifted 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 acquiring an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings in Cytokinetics by 10.8% in the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock worth $4,712,000 after acquiring an additional 13,911 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CYTK shares. Needham & Company LLC raised their target price on Cytokinetics from $85.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Royal Bank Of Canada raised their target price on Cytokinetics from $101.00 to $119.00 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. Leerink Partners reiterated an “outperform” rating on shares of Cytokinetics in a research note on Tuesday, March 10th. Truist Financial set a $106.00 price target on Cytokinetics in a research note on Tuesday, May 5th. Finally, Barclays lifted their price target on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. Two investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $99.30.

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.