Cytokinetics (NASDAQ:CYTK) EVP Fady Ibraham Malik Sells 2,000 Shares

Key Points

• Fady Ibraham Malik, the Executive Vice President of Cytokinetics, sold 2,000 shares at an average price of $60.56, totaling $121,120, which decreased his holdings by 1.40%.
• Cytokinetics reported a significant increase in revenue for the last quarter, with $66.77 million earned, compared to a consensus estimate of $1.95 million, and an EPS of ($1.12) which surpassed analyst expectations.
• Institutional investors have shown increasing interest in Cytokinetics, with Norges Bank acquiring a new position valued at approximately $39.12 million in the second quarter.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Fady Ibraham Malik sold 2,000 shares of the firm's stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $60.56, for a total value of $121,120.00. Following the sale, the executive vice president owned 140,610 shares in the company, valued at $8,515,341.60. The trade was a 1.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Fady Ibraham Malik also recently made the following trade(s):

• On Tuesday, September 23rd, Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock. The shares were sold at an average price of $49.28, for a total value of $98,560.00.
• On Tuesday, September 9th, Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock. The shares were sold at an average price of $51.29, for a total value of $102,580.00.
• On Tuesday, August 19th, Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock. The stock was sold at an average price of $38.31, for a total value of $76,620.00.
• On Tuesday, August 5th, Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock. The stock was sold at an average price of $36.34, for a total value of $72,680.00.
• On Tuesday, July 22nd, Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock. The stock was sold at an average price of $37.47, for a total value of $74,940.00.

Cytokinetics Stock Performance

Shares of CYTK traded down $0.47 during mid-day trading on Tuesday, reaching $60.17. The company had a trading volume of 1,784,852 shares, compared to its average volume of 1,935,367. The firm has a 50-day moving average price of $44.12 and a 200 day moving average price of $38.65. Cytokinetics, Incorporated has a 52 week low of $29.31 and a 52 week high of $61.19. The company has a market capitalization of $7.20 billion, a price-to-earnings ratio of -11.80 and a beta of 0.67.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $1.95 million. During the same period in the prior year, the firm earned ($1.31) earnings per share. The business's revenue for the quarter was up 26727.3% compared to the same quarter last year. As a group, research analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CYTK. Norges Bank bought a new position in shares of Cytokinetics in the 2nd quarter valued at about $39,122,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. lifted its holdings in shares of Cytokinetics by 571.2% in the 2nd quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company's stock valued at $35,768,000 after acquiring an additional 921,278 shares during the last quarter. Paradigm Biocapital Advisors LP bought a new position in shares of Cytokinetics in the 1st quarter valued at about $34,510,000. Jennison Associates LLC bought a new position in shares of Cytokinetics in the 1st quarter valued at about $27,085,000. Finally, Frazier Life Sciences Management L.P. bought a new position in shares of Cytokinetics in the 2nd quarter valued at about $18,328,000.

Wall Street Analyst Weigh In

CYTK has been the subject of a number of research reports. HC Wainwright reiterated a "buy" rating and set a $120.00 target price on shares of Cytokinetics in a research note on Monday, September 29th. Barclays upped their price objective on Cytokinetics from $71.00 to $82.00 and gave the stock an "overweight" rating in a research note on Monday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytokinetics in a research note on Saturday, September 27th. B. Riley increased their price target on Cytokinetics from $74.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Finally, Wall Street Zen upgraded Cytokinetics from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 10th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cytokinetics currently has an average rating of "Moderate Buy" and an average target price of $76.64.

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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