Sung Lee Sells 3,134 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Sung Lee sold 3,134 shares of the business’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $85.00, for a total value of $266,390.00. Following the completion of the sale, the executive vice president directly owned 63,221 shares in the company, valued at $5,373,785. This represents a 4.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Up 6.2%

CYTK stock traded up $5.07 during trading hours on Monday, hitting $87.26. 3,597,464 shares of the stock traded hands, compared to its average volume of 2,244,825. The stock has a 50-day simple moving average of $72.96 and a 200 day simple moving average of $66.92. The company has a market cap of $10.86 billion, a P/E ratio of -12.76 and a beta of 0.42. Cytokinetics, Incorporated has a one year low of $32.66 and a one year high of $87.35.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same quarter last year, the firm posted ($1.36) earnings per share. Cytokinetics’s revenue was up 1112.5% compared to the same quarter last year. Analysts forecast that Cytokinetics, Incorporated will post -6.26 earnings per share for the current year.

Analysts Set New Price Targets

CYTK has been the subject of a number of research reports. Wells Fargo & Company raised their target price on shares of Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and set a $102.00 price objective on shares of Cytokinetics in a research report on Wednesday, June 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research note on Monday, April 20th. Royal Bank Of Canada restated an “outperform” rating and issued a $119.00 target price on shares of Cytokinetics in a report on Wednesday, June 17th. Finally, Leerink Partners reaffirmed an “outperform” rating on shares of Cytokinetics in a research report on Tuesday, March 10th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $100.00.

Institutional Trading of Cytokinetics

A number of hedge funds have recently modified their holdings of CYTK. EverSource Wealth Advisors LLC raised its position in Cytokinetics by 723.7% during the second 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. purchased a new position in Cytokinetics during the 4th quarter valued at about $27,000. Kestra Advisory Services LLC acquired a new position in shares of Cytokinetics in the 4th quarter valued at about $29,000. Quarry LP acquired a new position in shares of Cytokinetics in the 3rd quarter valued at about $30,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in shares of Cytokinetics in the fourth quarter worth approximately $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.