Fady Ibraham Malik Sells 3,500 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Key Points

• Cytokinetics EVP Fady Malik sold 3,500 shares at an average price of $75.46, generating $264,110. The transaction was made under a pre-arranged Rule 10b5-1 trading plan, leaving him with 153,902 shares.
• Cytokinetics shares traded around $75.35, with a $9.38 billion market capitalization; the stock’s 52-week range is $47.22 to $88.31. The company exceeded quarterly EPS and revenue expectations, although revenue fell 57.1% year over year.
• Analyst sentiment remains broadly positive: 18 analysts rate the stock Buy, with a consensus “Moderate Buy” rating and an average price target of $103.37.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Fady Malik sold 3,500 shares of the firm's stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $75.46, for a total value of $264,110.00. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company's stock, valued at approximately $11,613,444.92. This represents a 2.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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, 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 value of $265,370.00.
• On Tuesday, July 21st, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $80.59, for a total transaction of $282,065.00.
• On Tuesday, July 7th, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $86.62, for a total transaction of $303,170.00.
• On Tuesday, June 23rd, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $79.51, for a total transaction of $278,285.00.

Cytokinetics Stock Performance

Cytokinetics stock traded up $2.63 during midday trading on Tuesday, reaching $75.35. 1,919,823 shares of the stock were exchanged, compared to its average volume of 2,133,098. The company's fifty day moving average is $78.98 and its 200-day moving average is $72.55. The firm has a market cap of $9.38 billion, a PE ratio of -10.44 and a beta of 0.36. Cytokinetics, Incorporated has a 52 week low of $47.22 and a 52 week high of $88.31.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.63) by $0.13. The firm had revenue of $28.62 million during the quarter, compared to analysts' expectations of $17.59 million. The business's revenue for the quarter was down 57.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.12) earnings per share. On average, sell-side analysts anticipate that Cytokinetics, Incorporated will post -5.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds have recently added to or reduced their stakes in the company. Nykredit A S bought a new position in shares of Cytokinetics during the 2nd quarter valued at about $444,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Cytokinetics in the 2nd quarter worth approximately $630,000. California State Teachers Retirement System boosted its stake in Cytokinetics by 7,880.8% in the second quarter. California State Teachers Retirement System now owns 10,901,679 shares of the biopharmaceutical company's stock worth $928,714,000 after buying an additional 10,765,080 shares in the last quarter. AlphaGrep UK Ltd purchased a new stake in Cytokinetics in the second quarter worth approximately $285,000. Finally, Seven Fleet Capital Management LP grew its position in Cytokinetics by 93.0% during the second quarter. Seven Fleet Capital Management LP now owns 118,240 shares of the biopharmaceutical company's stock valued at $10,073,000 after acquiring an additional 56,971 shares during the last quarter.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Mizuho boosted their target price on Cytokinetics from $100.00 to $118.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 24th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytokinetics in a research report on Friday, July 17th. JPMorgan Chase & Co. boosted their price objective on Cytokinetics from $97.00 to $103.00 and gave the stock an "overweight" rating in a report on Thursday, August 13th. Barclays upped their price objective on shares of Cytokinetics from $95.00 to $110.00 and gave the stock an "overweight" rating in a research report on Thursday, August 13th. Finally, Truist Financial raised their target price on shares of Cytokinetics from $106.00 to $112.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Eighteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Cytokinetics has a consensus rating of "Moderate Buy" and a consensus target price of $103.37.

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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