Cytokinetics (NASDAQ:CYTK) Director Sells $370,400.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the transaction, the director owned 15,784 shares of the company’s stock, valued at approximately $1,169,278.72. This trade represents a 24.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

Shares of Cytokinetics stock opened at $70.71 on Thursday. The stock has a market cap of $8.80 billion, a price-to-earnings ratio of -10.34 and a beta of 0.42. The stock has a 50 day moving average price of $69.55 and a 200-day moving average price of $65.87. Cytokinetics, Incorporated has a one year low of $31.52 and a one year high of $80.20.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. Cytokinetics’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.36) EPS. Sell-side analysts predict that Cytokinetics, Incorporated will post -6.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Robert W. Baird set a $84.00 target price on Cytokinetics in a report on Tuesday, March 10th. HC Wainwright lifted their target price on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, May 11th. JPMorgan Chase & Co. lifted their target price on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Citigroup started coverage on Cytokinetics in a research note on Monday, May 18th. They set a “buy” rating and a $99.00 price target for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research note on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $99.30.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently bought and sold shares of CYTK. Woodline Partners LP raised its position in Cytokinetics by 676.1% during the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock valued at $90,559,000 after purchasing an additional 1,435,422 shares in the last quarter. Norges Bank bought a new stake in Cytokinetics during the 4th quarter valued at $51,281,000. Deep Track Capital LP raised its position 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 valued at $236,328,000 after purchasing an additional 650,000 shares in the last quarter. Siren L.L.C. bought a new stake in Cytokinetics during the 1st quarter valued at $40,466,000. Finally, Northwestern Mutual Wealth Management Co. raised 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 in the last quarter.

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.