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 company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $86.62, for a total value of $303,170.00. Following the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at $13,330,991.24. The trade was a 2.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $278,285.00.
• On Tuesday, June 9th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $67.98, for a total transaction of $237,930.00.
• On Tuesday, May 5th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was 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 Price Performance

Shares of CYTK opened at $86.07 on Friday. The company has a market capitalization of $10.71 billion, a PE ratio of -12.58 and a beta of 0.42. Cytokinetics, Incorporated has a one year low of $32.89 and a one year high of $88.31. The company’s fifty day moving average price is $76.74 and its 200 day moving average price is $68.45.

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 analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. The firm’s revenue was up 1112.5% on a year-over-year basis. During the same quarter last year, the company earned ($1.36) earnings per share. Analysts anticipate that Cytokinetics, Incorporated will post -6.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on CYTK shares. JPMorgan Chase & Co. lifted their price target on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. HC Wainwright increased their price objective on Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Mizuho raised their price objective on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Wall Street Zen raised shares of Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and upped their target price for the company from $69.00 to $115.00 in a research note on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.90.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its holdings in Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 673 shares during the period. Kemnay Advisory Services Inc. bought a new position in shares of Cytokinetics during the 4th quarter worth about $27,000. Kestra Advisory Services LLC bought a new position in shares of Cytokinetics during the 4th quarter worth about $29,000. Quarry LP acquired a new stake in shares of Cytokinetics during the 3rd quarter valued at about $30,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in shares of Cytokinetics during the 4th quarter valued at about $32,000.

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.