Cytokinetics (NASDAQ:CYTK) EVP Sells $266,390.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Sung Lee sold 3,134 shares of Cytokinetics stock in a transaction on Monday, June 29th. The shares were sold at an average price of $85.00, for a total transaction of $266,390.00. Following the sale, the executive vice president directly owned 63,221 shares of the company’s stock, valued at $5,373,785. This trade represents a 4.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded up $5.07 during mid-day trading on Monday, reaching $87.26. The company had a trading volume of 3,597,464 shares, compared to its average volume of 2,244,825. Cytokinetics, Incorporated has a twelve month low of $32.66 and a twelve month high of $87.35. The stock has a market capitalization of $10.86 billion, a PE ratio of -12.76 and a beta of 0.42. The stock’s 50 day moving average is $72.96 and its 200-day moving average is $66.92.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. During the same quarter in the prior year, the business posted ($1.36) earnings per share. Cytokinetics’s revenue was up 1112.5% on a year-over-year basis. On average, sell-side analysts anticipate that Cytokinetics, Incorporated will post -6.26 EPS for the current year.

Analysts Set New Price Targets

CYTK has been the subject of several recent research reports. Robert W. Baird set a $84.00 price target on Cytokinetics in a research note on Tuesday, March 10th. UBS Group raised shares of Cytokinetics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $69.00 to $115.00 in a research report on Monday. HC Wainwright increased their price target on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Wells Fargo & Company raised their price target on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Stifel Nicolaus lifted their price objective on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $100.00.

Institutional Investors Weigh In On Cytokinetics

A number of large investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can grew its holdings in Cytokinetics by 1.2% during the fourth quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock valued at $845,000 after purchasing an additional 160 shares during the last quarter. Kennedy Capital Management LLC lifted its stake in shares of Cytokinetics by 1.2% in the fourth quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock worth $838,000 after buying an additional 162 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after buying an additional 171 shares during the period. Vident Advisory LLC boosted its holdings in shares of Cytokinetics by 1.4% during the 4th quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock worth $1,046,000 after buying an additional 234 shares during the period. Finally, CIBC Private Wealth Group LLC grew its stake in Cytokinetics by 6.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,723 shares of the biopharmaceutical company’s stock valued at $237,000 after buying an additional 239 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.