Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $303,170.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $86.62, for a total value of $303,170.00. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at $13,330,991.24. This represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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, 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 value 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.
• On Tuesday, May 5th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $77.37, for a total transaction of $270,795.00.
• On Tuesday, April 21st, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $65.69, for a total transaction of $229,915.00.

Cytokinetics Trading Down 0.0%

CYTK traded down $0.01 during trading on Tuesday, reaching $85.56. 2,293,372 shares of the company’s stock were exchanged, compared to its average volume of 2,244,265. Cytokinetics, Incorporated has a one year low of $32.89 and a one year high of $88.31. The stock has a market capitalization of $10.65 billion, a PE ratio of -12.51 and a beta of 0.42. The firm has a fifty day moving average price of $75.37 and a two-hundred day moving average price of $67.95.

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 the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. Cytokinetics’s revenue was up 1112.5% on a year-over-year basis. During the same period in the previous year, the business posted ($1.36) EPS. Sell-side analysts expect that Cytokinetics, Incorporated will post -6.26 earnings per share for the current year.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently modified their holdings of CYTK. Woodline Partners LP lifted its position in shares of Cytokinetics by 676.1% during the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock valued at $90,559,000 after acquiring an additional 1,435,422 shares during the period. Norges Bank acquired a new stake in Cytokinetics in the fourth quarter worth $51,281,000. Deep Track Capital LP grew 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 worth $236,328,000 after purchasing an additional 650,000 shares during the period. Siren L.L.C. bought a new stake in Cytokinetics in the first quarter valued at $40,466,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Cytokinetics by 151,987.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock valued at $35,949,000 after purchasing an additional 565,393 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts recently commented on CYTK shares. HC Wainwright upped their target price on Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a report on Monday, May 11th. Morgan Stanley boosted their price target on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Mizuho upped their price objective on shares of Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. Wells Fargo & Company increased their price objective on shares of Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen raised shares of Cytokinetics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $99.90.

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.