Cytokinetics (NASDAQ:CYTK) EVP Sells 3,500 Shares of Stock

Key Points

• Cytokinetics EVP Fady Malik sold 3,500 shares at an average price of $61.38, generating $214,830. The transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his direct holdings by 2.22% to 153,902 shares.
• CYTK shares fell 2.2% to $61.35, well below their 50-day and 200-day moving averages of about $73. The stock has traded between $54.30 and $88.31 over the past year.
• Analysts remain broadly positive, with 18 Buy ratings, one Hold, and one Sell, producing a “Moderate Buy” consensus and an average price target of $106.00. The company recently beat quarterly earnings expectations, though revenue declined 57.1% year over year.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Fady Malik sold 3,500 shares of the company's stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $61.38, for a total value of $214,830.00. Following the completion of the transaction, the executive vice president directly owned 153,902 shares in the company, valued at approximately $9,446,504.76. This trade represents a 2.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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, September 22nd, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $68.29, for a total value of $239,015.00.
• On Tuesday, September 8th, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $75.46, for a total value of $264,110.00.
• On Tuesday, August 18th, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $75.82, for a total transaction of $265,370.00.
• On Tuesday, July 21st, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $80.59, for a total transaction of $282,065.00.

Cytokinetics Stock Down 2.2%

CYTK stock traded down $1.35 during mid-day trading on Tuesday, hitting $61.35. 3,222,392 shares of the company were exchanged, compared to its average volume of 2,147,359. The firm has a market capitalization of $7.63 billion, a P/E ratio of -8.50 and a beta of 0.41. The business has a fifty day simple moving average of $73.11 and a 200-day simple moving average of $73.26. Cytokinetics, Incorporated has a 12-month low of $54.30 and a 12-month 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 analysts' consensus estimates of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. Cytokinetics's revenue was down 57.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.12) earnings per share. Research analysts predict that Cytokinetics, Incorporated will post -5.98 EPS for the current year.

Hedge Funds Weigh In On Cytokinetics

Several large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its stake in Cytokinetics by 11.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company's stock worth $72,072,000 after purchasing an additional 116,593 shares during the period. Frazier Life Sciences Management L.P. raised its holdings in shares of Cytokinetics by 5.0% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 934,642 shares of the biopharmaceutical company's stock valued at $59,387,000 after buying an additional 44,197 shares during the last quarter. Norges Bank purchased a new stake in shares of Cytokinetics in the fourth quarter valued at about $51,281,000. ADAR1 Capital Management LLC boosted its stake in shares of Cytokinetics by 17.1% during the first quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company's stock worth $41,692,000 after buying an additional 92,390 shares during the period. Finally, Siren L.L.C. acquired a new stake in shares of Cytokinetics during the first quarter worth about $40,466,000.

Analysts Set New Price Targets

A number of brokerages have issued reports on CYTK. Needham & Company LLC boosted their price target on shares of Cytokinetics from $102.00 to $112.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. HC Wainwright reissued a "buy" rating and issued a $140.00 price objective on shares of Cytokinetics in a research note on Monday, August 31st. Royal Bank Of Canada dropped their price objective on shares of Cytokinetics from $117.00 to $112.00 and set an "outperform" rating for the company in a report on Friday, August 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cytokinetics in a research note on Friday, July 17th. Finally, Truist Financial increased their target price on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Eighteen 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $106.00.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.

Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.

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