Insider Selling: Cytokinetics (NASDAQ:CYTK) Director Sells $74,660.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) Director Robert Landry sold 1,000 shares of the firm’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $74.66, for a total value of $74,660.00. Following the completion of the transaction, the director directly owned 9,184 shares in the company, valued at approximately $685,677.44. This represents a 9.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $73.77 on Monday. The stock has a 50-day simple moving average of $78.05 and a two-hundred day simple moving average of $72.74. The firm has a market capitalization of $9.18 billion, a PE ratio of -10.22 and a beta of 0.36. Cytokinetics, Incorporated has a 52-week low of $47.22 and a 52-week high of $88.31.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. The company’s revenue was down 57.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.12) earnings per share. Equities analysts forecast that Cytokinetics, Incorporated will post -5.98 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CYTK has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Cytokinetics from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Morgan Stanley raised Cytokinetics from an “overweight” rating to a “buy” rating in a report on Tuesday, September 1st. Needham & Company LLC upped their price target on Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Finally, UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and upped their price target for the stock from $69.00 to $115.00 in a research note on Monday, June 29th. Eighteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $103.37.

Institutional Investors Weigh In On Cytokinetics

Large investors have recently made changes to their positions in the company. California State Teachers Retirement System boosted its stake in Cytokinetics by 7,880.8% during the second quarter. California State Teachers Retirement System now owns 10,901,679 shares of the biopharmaceutical company’s stock valued at $928,714,000 after buying an additional 10,765,080 shares during the last quarter. State Street Corp increased its stake in Cytokinetics by 3.7% in the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock worth $370,139,000 after acquiring an additional 207,961 shares during the last quarter. Deep Track Capital LP raised its holdings in shares of 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 acquiring an additional 650,000 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 acquiring an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP boosted its position in shares of Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after acquiring an additional 384,469 shares during the last quarter.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.