Insider Selling: Cytokinetics (NASDAQ:CYTK) Director Sells 2,933 Shares of Stock

by · The Markets Daily

Cytokinetics, Incorporated (NASDAQ:CYTK – Get Free Report) Director Edward Md Kaye sold 2,933 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $76.09, for a total transaction of $223,171.97. Following the completion of the sale, the director directly owned 10,283 shares in the company, valued at approximately $782,433.47. This represents a 22.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 NASDAQ:CYTK traded down $3.08 during trading hours on Monday, reaching $73.68. The stock had a trading volume of 1,659,872 shares, compared to its average volume of 2,198,320. Cytokinetics, Incorporated has a 1 year low of $30.55 and a 1 year high of $80.20. The firm’s 50 day moving average is $68.95 and its 200-day moving average is $65.75. The stock has a market capitalization of $9.17 billion, a price-to-earnings ratio of -10.77 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK – Get Free Report) last posted its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting 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. The company’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same period last year, the business earned ($1.36) earnings per share. Analysts forecast that Cytokinetics, Incorporated will post -6.27 EPS for the current year.

Institutional Trading of Cytokinetics

Large investors have recently bought and sold shares of the business. Kemnay Advisory Services Inc. acquired a new stake in shares of Cytokinetics in the 4th quarter worth $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Cytokinetics in the 4th quarter worth $29,000. TD Waterhouse Canada Inc. acquired a new stake in shares of Cytokinetics in the 4th quarter worth $32,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cytokinetics by 46.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after acquiring an additional 171 shares during the period. Finally, Quarry LP acquired a new stake in shares of Cytokinetics in the 3rd quarter worth $30,000.

Analysts Set New Price Targets

A number of research firms recently commented on CYTK. Wells Fargo & Company increased their target price on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Needham & Company LLC increased their target price on shares of Cytokinetics from $85.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Mizuho increased their target price on shares of Cytokinetics from $84.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, March 18th. Morgan Stanley increased their target price on shares of Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. increased their price target on shares of Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Two 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 assigned a Sell rating to the company’s stock. According to MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and an average target price of $99.30.

Read Our Latest Analysis on Cytokinetics

Cytokinetics Company Profile

(Get Free Report)

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.

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