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

Key Points

• Fady Ibraham Malik, EVP of Cytokinetics, sold 2,000 shares of the company's stock for a total of $102,580, reducing his ownership by 1.40% to 140,610 shares.
• Cytokinetics reported a significant revenue increase of 26727.3% year-over-year, with $66.77 million in revenue for the latest quarter, exceeding analysts' forecasts.
• Research firms have raised their price targets for Cytokinetics, with Evercore ISI increasing its target from $60.00 to $80.00 and Citigroup boosting theirs from $77.00 to $84.00.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $51.29, for a total value of $102,580.00. Following the completion of the transaction, the executive vice president owned 140,610 shares in the company, valued at $7,211,886.90. The trade was a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• 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.
• On Tuesday, July 8th, Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock. The stock was sold at an average price of $33.76, for a total value of $67,520.00.

Cytokinetics Stock Performance

Shares of Cytokinetics stock traded up $0.50 during trading on Wednesday, reaching $52.00. The company's stock had a trading volume of 1,875,437 shares, compared to its average volume of 1,862,737. The business's fifty day moving average price is $38.36 and its 200-day moving average price is $37.76. The firm has a market cap of $6.22 billion, a price-to-earnings ratio of -10.20 and a beta of 0.62. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $59.39.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted 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 business had revenue of $66.77 million during the quarter, compared to the consensus estimate of $1.95 million. The company's revenue for the quarter was up 26727.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.31) earnings per share. Sell-side analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CYTK. Evercore ISI lifted their target price on Cytokinetics from $60.00 to $80.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 3rd. Cantor Fitzgerald upgraded Cytokinetics to a "strong-buy" rating in a research note on Tuesday, May 13th. HC Wainwright restated a "buy" rating on shares of Cytokinetics in a research note on Tuesday, September 2nd. Citigroup boosted their price target on Cytokinetics from $77.00 to $84.00 and gave the company a "buy" rating in a research note on Tuesday, September 2nd. Finally, Barclays boosted their price target on Cytokinetics from $53.00 to $71.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $75.38.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC boosted its holdings in shares of Cytokinetics by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company's stock worth $98,948,000 after acquiring an additional 56,961 shares in the last quarter. Vestal Point Capital LP boosted its holdings in shares of Cytokinetics by 14.8% in the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company's stock worth $98,294,000 after acquiring an additional 384,469 shares in the last quarter. Orbimed Advisors LLC boosted its holdings in shares of Cytokinetics by 106.5% in the 4th quarter. Orbimed Advisors LLC now owns 1,584,005 shares of the biopharmaceutical company's stock worth $74,512,000 after acquiring an additional 817,099 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in shares of Cytokinetics by 2.4% in the 1st quarter. Westfield Capital Management Co. LP now owns 1,310,336 shares of the biopharmaceutical company's stock worth $52,662,000 after acquiring an additional 30,346 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Cytokinetics in the 2nd quarter worth approximately $39,122,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.