Cytokinetics (NASDAQ:CYTK) Director Edward Md Kaye Sells 6,695 Shares

Key Points

• Edward Md Kaye, Director of Cytokinetics, sold 6,695 shares of stock at an average price of $55.08, totaling around $368,760, resulting in a 28.82% decrease in his ownership.
• Cytokinetics reported a revenue increase of 26,727.3% year-over-year for the last quarter, significantly outperforming analysts' expectations, with an EPS of ($1.12) against a consensus estimate of ($1.34).
• The company has drawn attention from analysts, with recent target prices set between $53.00 and $80.00, indicating a consensus rating of "Moderate Buy" and a price target average of $75.71.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) Director Edward Md Kaye sold 6,695 shares of the stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $55.08, for a total transaction of $368,760.60. Following the sale, the director directly owned 16,535 shares in the company, valued at approximately $910,747.80. This represents a 28.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Cytokinetics Stock Up 2.0%

NASDAQ:CYTK traded up $1.07 during mid-day trading on Tuesday, reaching $54.96. 2,811,125 shares of the company were exchanged, compared to its average volume of 1,926,450. Cytokinetics, Incorporated has a 12 month low of $29.31 and a 12 month high of $59.39. The company has a fifty day moving average of $42.16 and a 200 day moving average of $38.20. The stock has a market cap of $6.58 billion, a PE ratio of -10.78 and a beta of 0.62.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping analysts' consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to the consensus estimate of $1.95 million. During the same period in the prior year, the company earned ($1.31) EPS. The firm's revenue was up 26727.3% compared to the same quarter last year. On average, equities research analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on CYTK. JMP Securities restated a "market outperform" rating and set a $78.00 target price on shares of Cytokinetics in a research report on Tuesday, September 2nd. Needham & Company LLC restated a "buy" rating and set a $72.00 target price on shares of Cytokinetics in a research report on Tuesday, September 2nd. JPMorgan Chase & Co. cut their target price on shares of Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a research report on Monday, June 9th. Wall Street Zen upgraded shares of Cytokinetics from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 10th. Finally, Evercore ISI upped their target price on shares of Cytokinetics from $60.00 to $80.00 and gave the company an "outperform" rating in a research report on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.71.

Institutional Trading of Cytokinetics

A number of hedge funds have recently modified their holdings of CYTK. EverSource Wealth Advisors LLC raised its position in shares of Cytokinetics by 723.7% in 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. Fifth Third Bancorp raised its position in shares of Cytokinetics by 42.2% in the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after acquiring an additional 291 shares during the period. Hantz Financial Services Inc. raised its position in shares of Cytokinetics by 2,872.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company's stock valued at $43,000 after acquiring an additional 1,264 shares during the period. Parallel Advisors LLC raised its position in shares of Cytokinetics by 500.5% in the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock valued at $44,000 after acquiring an additional 916 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Cytokinetics by 281.0% in the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock valued at $45,000 after acquiring an additional 826 shares during the period.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.

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