Cytokinetics (NASDAQ:CYTK) EVP Sells $229,915.00 in Stock

Key Points

• Fady Ibraham Malik, Cytokinetics' EVP, sold 3,500 shares on April 21 at an average price of $65.69 for $229,915 under a pre-arranged Rule 10b5-1 plan, leaving him with 153,902 shares (a 2.22% decline in his position).
• Across this quarter Malik has sold a total of about 22,940 shares — roughly $1.45 million worth — in multiple transactions (Mar. 9, Mar. 17, Apr. 7 and Apr. 21).
• Cytokinetics shares trade around $65.80 with a market cap of $8.1 billion and a 52-week range of $29.31–$70.98; analysts have a consensus rating of “Moderate Buy” and a consensus target of $90.55, with several firms recently raising price targets toward $95–$100.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Fady Ibraham Malik sold 3,500 shares of the company's stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $65.69, for a total value of $229,915.00. Following the completion of the transaction, the executive vice president directly owned 153,902 shares in the company, valued at $10,109,822.38. This represents a 2.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, April 7th, Fady Ibraham Malik sold 4,500 shares of Cytokinetics stock. The stock was sold at an average price of $65.11, for a total transaction of $292,995.00.
• On Tuesday, March 17th, Fady Ibraham Malik sold 12,033 shares of Cytokinetics stock. The stock was sold at an average price of $62.15, for a total transaction of $747,850.95.
• On Monday, March 9th, Fady Ibraham Malik sold 2,907 shares of Cytokinetics stock. The shares were sold at an average price of $60.72, for a total transaction of $176,513.04.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded down $0.34 during mid-day trading on Tuesday, reaching $65.80. 1,174,682 shares of the company traded hands, compared to its average volume of 1,853,786. The stock has a market cap of $8.10 billion, a PE ratio of -10.08 and a beta of 0.47. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $70.98. The company's fifty day moving average is $64.25 and its two-hundred day moving average is $63.33.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing analysts' consensus estimates of ($1.48) by ($0.02). The firm had revenue of $17.76 million for the quarter, compared to analyst estimates of $8.02 million. The business's revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.26) earnings per share. Research analysts forecast that Cytokinetics, Incorporated will post -6.22 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Barclays increased their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an "overweight" rating in a report on Monday, April 6th. Needham & Company LLC raised their target price on shares of Cytokinetics from $84.00 to $85.00 and gave the company a "buy" rating in a research report on Wednesday, February 25th. Robert W. Baird set a $84.00 price objective on shares of Cytokinetics in a research report on Tuesday, March 10th. Mizuho lifted their price objective 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. Finally, Morgan Stanley set a $90.00 target price on shares of Cytokinetics in a research note on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.55.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CYTK. Woodline Partners LP increased its stake in Cytokinetics by 676.1% in the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company's stock valued at $90,559,000 after purchasing an additional 1,435,422 shares in the last quarter. Norges Bank purchased a new stake in Cytokinetics during the fourth quarter worth about $51,281,000. Deep Track Capital LP increased its holdings in Cytokinetics by 17.8% during the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock worth $236,328,000 after buying an additional 650,000 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Cytokinetics by 151,987.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company's stock worth $35,949,000 after purchasing an additional 565,393 shares during the period. Finally, Foresite Capital Management IV LLC bought a new position in Cytokinetics during the third quarter worth about $25,188,000.

Cytokinetics Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.