Sung Lee Sells 1,112 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Sung Lee sold 1,112 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total transaction of $97,622.48. Following the completion of the sale, the executive vice president directly owned 63,221 shares of the company’s stock, valued at approximately $5,550,171.59. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sung Lee also recently made the following trade(s):

• On Monday, June 29th, Sung Lee sold 3,134 shares of Cytokinetics stock. The stock was sold at an average price of $85.00, for a total transaction of $266,390.00.

Cytokinetics Stock Performance

CYTK stock opened at $86.49 on Friday. Cytokinetics, Incorporated has a one year low of $32.89 and a one year high of $88.31. The firm has a market cap of $10.76 billion, a PE ratio of -12.64 and a beta of 0.42. The firm’s 50 day moving average price is $74.97 and its 200-day moving average price is $67.74.

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

Hedge Funds Weigh In On Cytokinetics

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CYTK shares. Wall Street Zen upgraded Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $119.00 target price on shares of Cytokinetics in a research report on Wednesday, June 17th. Morgan Stanley increased their target price on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price target on shares of Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $102.00 price target on shares of Cytokinetics in a research note on Wednesday, June 17th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $100.00.

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.