Cytokinetics (NASDAQ:CYTK) Director Edward Md Kaye Sells 6,756 Shares

Key Points

• Cytokinetics Director Edward Md Kaye sold 6,756 shares at an average price of $50.00, resulting in a total transaction of $337,800, decreasing his ownership by 22.53%.
• The company's stock has seen a significant rise of 40.4%, reaching $49.62 during trading, with a market cap of $5.94 billion.
• Cytokinetics reported a quarterly revenue of $66.77 million, significantly exceeding analyst expectations, while the earnings per share beat projections by $0.22 at (1.12).

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) Director Edward Md Kaye sold 6,756 shares of Cytokinetics stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $50.00, for a total transaction of $337,800.00. Following the sale, the director owned 23,230 shares of the company's stock, valued at approximately $1,161,500. This represents a 22.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Cytokinetics Stock Up 40.4%

Shares of CYTK traded up $14.29 during trading on Tuesday, reaching $49.62. 13,126,040 shares of the company traded hands, compared to its average volume of 1,821,500. Cytokinetics, Incorporated has a twelve month low of $29.31 and a twelve month high of $59.39. The stock has a market cap of $5.94 billion, a PE ratio of -9.73 and a beta of 0.62. The stock has a 50-day simple moving average of $36.25 and a 200-day simple moving average of $37.55.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, beating analysts' consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to analyst estimates of $1.95 million. During the same quarter in the prior year, the business earned ($1.31) earnings per share. Cytokinetics's revenue was up 26727.3% on a year-over-year basis. On average, equities research analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Hedge Funds Weigh In On Cytokinetics

Large investors have recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in Cytokinetics during the 4th quarter worth $254,000. GAMMA Investing LLC raised its position in Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after buying an additional 826 shares during the last quarter. HighTower Advisors LLC raised its position in Cytokinetics by 21.8% during the 1st quarter. HighTower Advisors LLC now owns 11,352 shares of the biopharmaceutical company's stock worth $456,000 after buying an additional 2,029 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Cytokinetics by 29.7% during the 1st quarter. Cetera Investment Advisers now owns 5,904 shares of the biopharmaceutical company's stock worth $237,000 after purchasing an additional 1,353 shares during the period. Finally, Two Sigma Advisers LP grew its stake in shares of Cytokinetics by 5.4% during the 4th quarter. Two Sigma Advisers LP now owns 226,400 shares of the biopharmaceutical company's stock worth $10,650,000 after purchasing an additional 11,700 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Cantor Fitzgerald upgraded shares of Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. Royal Bank Of Canada dropped their price objective on shares of Cytokinetics from $82.00 to $80.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Mizuho dropped their price objective on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. Stifel Nicolaus lifted their price objective on shares of Cytokinetics from $87.00 to $96.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Raymond James Financial assumed coverage on shares of Cytokinetics in a report on Wednesday, July 30th. They issued a "market perform" rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $73.50.

Cytokinetics Company Profile

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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