Edward Md Kaye Sells 6,757 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Key Points

• Edward Md Kaye, a director at Cytokinetics, sold 6,757 shares of company stock for approximately $405,420, reducing his ownership by 40.86% to 9,778 shares.
• Cytokinetics announced that its earnings per share (EPS) for the last quarter were ($1.12), beating analyst estimates, with an impressive revenue increase of 26727.3% year-over-year.
• Recent analyst ratings for Cytokinetics reflect a consensus of "Moderate Buy," with price targets ranging from $60.00 to $84.00, indicating continued positive expectations for the company.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) Director Edward Md Kaye sold 6,757 shares of the firm's stock in a transaction on Monday, October 6th. The stock was sold at an average price of $60.00, for a total transaction of $405,420.00. Following the sale, the director owned 9,778 shares in the company, valued at approximately $586,680. The trade was a 40.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Cytokinetics Price Performance

Shares of CYTK traded up $3.67 during midday trading on Monday, hitting $60.64. The stock had a trading volume of 3,020,533 shares, compared to its average volume of 1,936,160. The company has a 50 day simple moving average of $43.64 and a two-hundred day simple moving average of $38.54. Cytokinetics, Incorporated has a twelve month low of $29.31 and a twelve month high of $61.00. The firm has a market cap of $7.26 billion, a price-to-earnings ratio of -11.89 and a beta of 0.67.

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

Wall Street Analyst Weigh In

CYTK has been the topic of several recent research reports. Raymond James Financial initiated coverage on shares of Cytokinetics in a research note on Wednesday, July 30th. They issued a "market perform" rating on the stock. Evercore ISI lifted their target price on Cytokinetics from $60.00 to $80.00 and gave the company an "outperform" rating in a research report on Wednesday, September 3rd. Barclays lifted their target price on Cytokinetics from $71.00 to $82.00 and gave the company an "overweight" rating in a research report on Monday. Wall Street Zen raised Cytokinetics from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 10th. Finally, Citigroup boosted their price target on Cytokinetics from $77.00 to $84.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Cytokinetics currently has a consensus rating of "Moderate Buy" and a consensus price target of $76.64.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently modified their holdings of CYTK. GAMMA Investing LLC grew its position in shares of Cytokinetics by 109.4% during the 3rd quarter. GAMMA Investing LLC now owns 1,472 shares of the biopharmaceutical company's stock worth $81,000 after purchasing an additional 769 shares in the last quarter. Praxis Investment Management Inc. acquired a new stake in Cytokinetics during the third quarter worth approximately $224,000. Thrivent Financial for Lutherans grew its position in Cytokinetics by 1.6% during the second quarter. Thrivent Financial for Lutherans now owns 28,119 shares of the biopharmaceutical company's stock worth $929,000 after buying an additional 449 shares in the last quarter. Hudson Bay Capital Management LP grew its position in Cytokinetics by 7.1% during the second quarter. Hudson Bay Capital Management LP now owns 157,786 shares of the biopharmaceutical company's stock worth $5,213,000 after buying an additional 10,523 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its position in Cytokinetics by 13.8% during the second quarter. CANADA LIFE ASSURANCE Co now owns 78,544 shares of the biopharmaceutical company's stock worth $2,596,000 after buying an additional 9,512 shares in the last quarter.

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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