Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $1,118,320.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Andrew Callos sold 14,000 shares of Cytokinetics stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $79.88, for a total value of $1,118,320.00. Following the completion of the transaction, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $4,677,373.40. This represents a 19.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Andrew Callos also recently made the following trade(s):

• On Wednesday, July 1st, Andrew Callos sold 15,000 shares of Cytokinetics stock. The stock was sold at an average price of $85.80, for a total transaction of $1,287,000.00.
• On Monday, June 1st, Andrew Callos sold 15,000 shares of Cytokinetics stock. The stock was sold at an average price of $74.08, for a total transaction of $1,111,200.00.
• On Friday, May 1st, Andrew Callos sold 15,857 shares of Cytokinetics stock. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00.

Cytokinetics Price Performance

Shares of CYTK stock traded up $2.03 during trading on Thursday, reaching $80.42. The company’s stock had a trading volume of 2,091,958 shares, compared to its average volume of 2,176,096. Cytokinetics, Incorporated has a 1-year low of $32.89 and a 1-year high of $88.31. The stock’s 50-day moving average price is $78.70 and its 200 day moving average price is $70.21. The company has a market capitalization of $10.01 billion, a price-to-earnings ratio of -11.76 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. Cytokinetics’s quarterly revenue was up 1112.5% compared to the same quarter last year. During the same quarter last year, the company earned ($1.36) earnings per share. On average, sell-side analysts anticipate that Cytokinetics, Incorporated will post -6.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after purchasing an additional 191,336 shares in the last quarter. State Street Corp grew its stake in shares of Cytokinetics by 3.7% during the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock worth $370,139,000 after purchasing an additional 207,961 shares in the last quarter. Deep Track Capital LP increased its holdings in Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after buying an additional 650,000 shares during the last quarter. Geode Capital Management LLC increased its holdings in Cytokinetics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after buying an additional 15,815 shares during the last quarter. Finally, Vestal Point Capital LP raised its stake in Cytokinetics by 14.8% in the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after buying an additional 384,469 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. HC Wainwright upped their price objective on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Mizuho lifted their target price on Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. Needham & Company LLC reissued a “buy” rating and set a $102.00 target price on shares of Cytokinetics in a research note on Wednesday, June 17th. Royal Bank Of Canada cut their price target on Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. Finally, Barclays increased their price target on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, April 6th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $99.90.

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.