Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $239,015.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Malik sold 3,500 shares of the stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $68.29, for a total value of $239,015.00. Following the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at $10,509,967.58. This represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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, September 8th, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $75.46, for a total value of $264,110.00.
• On Tuesday, August 18th, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $75.82, for a total value of $265,370.00.
• On Tuesday, July 21st, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was 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 stock was sold at an average price of $86.62, for a total transaction of $303,170.00.

Cytokinetics Stock Performance

NASDAQ:CYTK traded up $0.03 during midday trading on Tuesday, reaching $67.59. 2,388,541 shares of the stock traded hands, compared to its average volume of 2,132,248. The stock has a market capitalization of $8.41 billion, a P/E ratio of -9.36 and a beta of 0.36. The company has a fifty day moving average of $76.22 and a 200 day moving average of $73.00. Cytokinetics, Incorporated has a 12 month low of $47.22 and a 12 month high of $88.31.

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

Institutional Trading of Cytokinetics

Several hedge funds and other institutional investors have recently made changes to their positions in CYTK. Integrated Wealth Concepts LLC bought a new position in Cytokinetics during the 2nd quarter valued at approximately $36,000. Rockefeller Capital Management L.P. boosted its holdings in Cytokinetics by 842.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock worth $41,000 after acquiring an additional 573 shares in the last quarter. Clearstead Advisors LLC grew its stake in shares of Cytokinetics by 97.1% in the fourth quarter. Clearstead Advisors LLC now owns 670 shares of the biopharmaceutical company’s stock worth $43,000 after acquiring an additional 330 shares during the last quarter. Western Wealth Management LLC purchased a new stake in shares of Cytokinetics in the first quarter worth $53,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Cytokinetics by 55.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the biopharmaceutical company’s stock worth $102,000 after acquiring an additional 549 shares during the last quarter.

Analyst Ratings Changes

Several analysts have weighed in on CYTK shares. Mizuho lifted their price objective on Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, June 24th. Citigroup restated a “market outperform” rating on shares of Cytokinetics in a research note on Friday, August 7th. UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and lifted their price target for the company from $69.00 to $115.00 in a research report on Monday, June 29th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a report on Friday, September 11th. Finally, HC Wainwright reissued a “buy” rating and set a $140.00 price objective on shares of Cytokinetics in a research report on Monday, August 31st. Eighteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and an average price target of $103.37.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.