Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $265,370.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $75.82, for a total transaction of $265,370.00. Following the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $11,668,849.64. The trade was a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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, July 21st, Fady Ibraham 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 Ibraham 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.
• On Tuesday, June 23rd, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $79.51, for a total transaction 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 value of $237,930.00.

Cytokinetics Trading Down 0.7%

Shares of CYTK stock opened at $77.18 on Friday. The stock has a 50 day moving average of $79.95 and a two-hundred day moving average of $71.72. Cytokinetics, Incorporated has a 12 month low of $35.22 and a 12 month high of $88.31. The company has a market capitalization of $9.60 billion, a P/E ratio of -10.69 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.63) by $0.13. The firm had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. The business’s revenue for the quarter was down 57.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.12) earnings per share. Sell-side analysts predict that Cytokinetics, Incorporated will post -6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CYTK. HC Wainwright reiterated a “buy” rating on shares of Cytokinetics in a research report on Friday, August 14th. Needham & Company LLC raised their price target on shares of Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $69.00 to $115.00 in a research note on Monday, June 29th. Royal Bank Of Canada cut their target price on Cytokinetics from $117.00 to $112.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. upped their price target on Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Nineteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $102.20.

Institutional Trading of Cytokinetics

Hedge funds have recently modified their holdings of the stock. New Mexico Educational Retirement Board increased its holdings in shares of Cytokinetics by 16.6% in the second quarter. New Mexico Educational Retirement Board now owns 27,400 shares of the biopharmaceutical company’s stock valued at $2,334,000 after purchasing an additional 3,900 shares in the last quarter. Panoramic Capital LLC bought a new position in Cytokinetics in the 2nd quarter worth approximately $213,000. Bamco Inc. NY acquired a new position in Cytokinetics during the 2nd quarter worth $852,000. Great Lakes Advisors LLC acquired a new position in Cytokinetics during the 2nd quarter worth $1,960,000. Finally, Tema ETFs LLC boosted its position in Cytokinetics by 174.6% in the 2nd quarter. Tema ETFs LLC now owns 22,413 shares of the biopharmaceutical company’s stock valued at $1,909,000 after buying an additional 14,251 shares during the last quarter.

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.