Andrew Callos Sells 10,000 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Key Points

• Cytokinetics EVP Andrew Callos sold 10,000 shares at an average price of $70.24, generating $702,400 under a pre-arranged Rule 10b5-1 trading plan. Following the transaction, he retained 58,555 shares.
• Cytokinetics shares traded at $70.91, with a market capitalization of approximately $8.82 billion. The company recently reported a quarterly loss of $1.50 per share, while revenue of $28.62 million exceeded analyst expectations.
• Analysts remain broadly positive, with 19 Buy ratings, one Hold and one Sell; the stock has a consensus “Moderate Buy” rating and an average price target of $102.20.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Andrew Callos sold 10,000 shares of Cytokinetics stock in a transaction on Monday, August 31st. The stock was sold at an average price of $70.24, for a total transaction of $702,400.00. Following the sale, the executive vice president owned 58,555 shares of the company's stock, valued at $4,112,903.20. The trade was a 14.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Andrew Callos also recently made the following trade(s):

• On Thursday, July 30th, Andrew Callos sold 14,000 shares of Cytokinetics stock. The shares were sold at an average price of $79.88, for a total value of $1,118,320.00.
• On Wednesday, July 1st, Andrew Callos sold 15,000 shares of Cytokinetics stock. The stock was sold at an average price of $85.80, for a total transaction of $1,287,000.00.

Cytokinetics Stock Performance

Shares of Cytokinetics stock traded down $1.18 during trading on Monday, hitting $70.91. 3,016,602 shares of the company's stock were exchanged, compared to its average volume of 2,147,846. The stock has a market capitalization of $8.82 billion, a price-to-earnings ratio of -9.82 and a beta of 0.39. The business has a 50-day simple moving average of $80.12 and a 200-day simple moving average of $72.29. Cytokinetics, Incorporated has a 52-week low of $35.22 and a 52-week high of $88.31.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to analysts' expectations of $17.59 million. During the same quarter in the prior year, the business posted ($1.12) earnings per share. The firm's revenue was down 57.1% compared to the same quarter last year. On average, equities analysts anticipate that Cytokinetics, Incorporated will post -6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CYTK has been the topic of several research analyst reports. Morgan Stanley lifted their price objective on Cytokinetics from $90.00 to $103.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. UBS Group upgraded Cytokinetics from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $69.00 to $115.00 in a report on Monday, June 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Cytokinetics in a research report on Friday, July 17th. Barclays increased their price target on Cytokinetics from $95.00 to $110.00 and gave the company an "overweight" rating in a report on Thursday, August 13th. Finally, Citizens Jmp boosted their price objective on Cytokinetics from $105.00 to $110.00 and gave the stock a "market outperform" rating in a research note on Friday, August 7th. Nineteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $102.20.

Institutional Trading of Cytokinetics

Several institutional investors have recently modified their holdings of CYTK. Millennium Management LLC raised its stake in Cytokinetics by 361.9% during the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock worth $11,571,000 after acquiring an additional 225,576 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Cytokinetics by 12.4% during the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company's stock worth $219,000 after purchasing an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock worth $25,000 after purchasing an additional 673 shares in the last quarter. Gabelli Funds LLC lifted its holdings in shares of Cytokinetics by 29.4% in the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company's stock valued at $278,000 after purchasing an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in shares of Cytokinetics by 10.8% in the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company's stock valued at $4,712,000 after purchasing an additional 13,911 shares during the period.

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.

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