Cytokinetics (NASDAQ:CYTK) EVP Fady Ibraham Malik Sells 3,500 Shares of Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Malik sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $75.46, for a total value of $264,110.00. Following the completion of the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $11,613,444.92. This represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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, August 18th, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $75.82, for a total value of $265,370.00.
• On Tuesday, July 21st, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $80.59, for a total value of $282,065.00.
• On Tuesday, July 7th, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $86.62, for a total value of $303,170.00.
• On Tuesday, June 23rd, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $79.51, for a total transaction of $278,285.00.

Cytokinetics Trading Up 3.6%

CYTK opened at $75.35 on Wednesday. Cytokinetics, Incorporated has a 1-year low of $47.22 and a 1-year high of $88.31. The company has a market cap of $9.38 billion, a price-to-earnings ratio of -10.44 and a beta of 0.36. The company’s fifty day moving average price is $78.78 and its two-hundred day moving average price is $72.61.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, topping the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. During the same period in the previous year, the firm earned ($1.12) earnings per share. The company’s revenue was down 57.1% on a year-over-year basis. As a group, equities analysts forecast that Cytokinetics, Incorporated will post -5.98 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CYTK. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Friday, July 17th. Morgan Stanley raised shares of Cytokinetics from an “overweight” rating to a “buy” rating in a research report on Tuesday, September 1st. Mizuho upped their price objective on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 24th. Citizens Jmp increased their price objective on shares of Cytokinetics from $105.00 to $110.00 and gave the company a “market outperform” rating in a research note on Friday, August 7th. Finally, Needham & Company LLC lifted their target price on shares of Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Eighteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and an average target price of $103.37.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds have recently made changes to their positions in CYTK. Millennium Management LLC increased its holdings in Cytokinetics by 361.9% during the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after buying an additional 225,576 shares during the last quarter. Cetera Investment Advisers boosted its stake in Cytokinetics by 12.4% in the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock valued at $219,000 after acquiring an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares during the period. Gabelli Funds LLC increased its stake in shares of Cytokinetics by 29.4% during the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock worth $278,000 after purchasing an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System increased its stake in shares of Cytokinetics by 10.8% during the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock worth $4,712,000 after purchasing an additional 13,911 shares during the last quarter.

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.