Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $176,513.04 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 2,907 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $60.72, for a total transaction of $176,513.04. Following the transaction, the executive vice president owned 138,629 shares of the company’s stock, valued at approximately $8,417,552.88. This represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Fady Ibraham Malik also recently made the following trade(s):

• On Tuesday, December 16th, Fady Ibraham Malik sold 2,200 shares of Cytokinetics stock. The shares were sold at an average price of $61.24, for a total transaction of $134,728.00.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $60.00 on Friday. The company’s 50 day moving average price is $63.95 and its two-hundred day moving average price is $60.10. The firm has a market capitalization of $7.39 billion, a P/E ratio of -9.19 and a beta of 0.56. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $70.98.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The firm had revenue of $17.76 million for the quarter, compared to the consensus estimate of $8.02 million. During the same period in the previous year, the business earned ($1.26) EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. On average, analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors have recently made changes to their positions in CYTK. Woodline Partners LP raised its position in shares of Cytokinetics by 676.1% during the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock worth $90,559,000 after acquiring an additional 1,435,422 shares during the last quarter. Norges Bank acquired a new position in shares of Cytokinetics in the second quarter worth approximately $39,122,000. Deep Track Capital LP boosted 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 acquiring an additional 650,000 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Cytokinetics by 151,987.4% during the 4th 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 during the period. Finally, Frazier Life Sciences Management L.P. acquired a new stake in Cytokinetics during the 2nd quarter valued at approximately $18,328,000.

Wall Street Analysts Forecast Growth

CYTK has been the topic of a number of recent research reports. The Goldman Sachs Group set a $95.00 price target on Cytokinetics and gave the company a “buy” rating in a research note on Thursday, December 18th. Leerink Partners reaffirmed an “outperform” rating on shares of Cytokinetics in a research note on Tuesday. Truist Financial lifted their target price on shares of Cytokinetics from $84.00 to $92.00 and gave the stock a “buy” rating in a research report on Tuesday, February 3rd. Morgan Stanley set a $90.00 target price on shares of Cytokinetics in a report on Thursday, January 8th. Finally, UBS Group upped their price target on shares of Cytokinetics from $61.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, March 6th. Seventeen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and an average target price of $89.00.

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.