Insider Selling: Cytokinetics (NASDAQ:CYTK) Director Sells $223,171.97 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) Director Edward Md Kaye sold 2,933 shares of Cytokinetics stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $76.09, for a total value of $223,171.97. Following the completion of the transaction, the director directly owned 10,283 shares of the company’s stock, valued at $782,433.47. This represents a 22.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Down 0.3%

Cytokinetics stock opened at $70.71 on Thursday. The stock has a 50-day simple moving average of $69.55 and a 200 day simple moving average of $65.87. Cytokinetics, Incorporated has a 12-month low of $31.52 and a 12-month high of $80.20. The stock has a market capitalization of $8.80 billion, a price-to-earnings ratio of -10.34 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 in the prior year, the firm earned ($1.36) earnings per share. The business’s quarterly revenue was up 1112.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cytokinetics, Incorporated will post -6.27 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CYTK. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Wells Fargo & Company lifted their price target on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Barclays lifted their price target on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, April 6th. Finally, Robert W. Baird set a $84.00 price target on Cytokinetics in a report on Tuesday, March 10th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $99.30.

Institutional Trading of Cytokinetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in 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 period. Hudson Bay Capital Management LP increased its position in Cytokinetics by 15.4% in the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock worth $10,010,000 after purchasing an additional 24,345 shares during the period. Knott David M Jr acquired a new stake in Cytokinetics in the third quarter worth about $1,649,000. TD Asset Management Inc increased its position in Cytokinetics by 23.4% in the third quarter. TD Asset Management Inc now owns 671,780 shares of the biopharmaceutical company’s stock worth $36,921,000 after purchasing an additional 127,488 shares during the period. Finally, Boxer Capital Management LLC acquired a new stake in Cytokinetics in the third quarter worth about $10,992,000.

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.