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

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Malik sold 3,500 shares of the stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $75.46, for a total transaction of $264,110.00. Following the transaction, the executive vice president directly owned 153,902 shares in the company, valued at approximately $11,613,444.92. This represents a 2.22% decrease in their position. The transaction was disclosed in a legal filing 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, August 18th, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $75.82, for a total transaction of $265,370.00.
• On Tuesday, July 21st, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $80.59, for a total transaction of $282,065.00.
• On Tuesday, July 7th, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $86.62, for a total transaction of $303,170.00.
• On Tuesday, June 23rd, Fady 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.

Cytokinetics Stock Up 3.6%

Shares of CYTK traded up $2.63 during trading hours on Tuesday, hitting $75.35. The company had a trading volume of 1,919,823 shares, compared to its average volume of 2,133,098. Cytokinetics, Incorporated has a 52-week low of $47.22 and a 52-week high of $88.31. The stock’s 50 day moving average price is $78.98 and its 200 day moving average price is $72.55. The firm has a market cap of $9.38 billion, a P/E ratio of -10.44 and a beta of 0.36.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to analysts’ expectations of $17.59 million. During the same quarter in the prior year, the company earned ($1.12) earnings per share. The company’s revenue was down 57.1% compared to the same quarter last year. On average, research analysts expect that Cytokinetics, Incorporated will post -5.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds have recently made changes to their positions in CYTK. Nykredit A S bought a new position in shares of Cytokinetics during the second quarter valued at approximately $444,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Cytokinetics in the second quarter valued at $630,000. California State Teachers Retirement System boosted its holdings in Cytokinetics by 7,880.8% in the second quarter. California State Teachers Retirement System now owns 10,901,679 shares of the biopharmaceutical company’s stock valued at $928,714,000 after acquiring an additional 10,765,080 shares in the last quarter. AlphaGrep UK Ltd purchased a new position in Cytokinetics during the 2nd quarter valued at $285,000. Finally, Seven Fleet Capital Management LP raised its holdings in Cytokinetics by 93.0% in the 2nd quarter. Seven Fleet Capital Management LP now owns 118,240 shares of the biopharmaceutical company’s stock worth $10,073,000 after purchasing an additional 56,971 shares in the last quarter.

Analyst Ratings Changes

Several brokerages have recently issued reports on CYTK. Royal Bank Of Canada cut their target price on shares of Cytokinetics from $117.00 to $112.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Mizuho upped their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. JPMorgan Chase & Co. increased their price target on shares of Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Friday, July 17th. Finally, HC Wainwright restated a “buy” rating and issued a $140.00 price objective on shares of Cytokinetics in a research report on Monday, August 31st. Eighteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $103.37.

Cytokinetics Company Profile

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.