Insider Selling: Cytokinetics (NASDAQ:CYTK) Director Sells $74,660.00 in Stock

Key Points

• Director Robert Landry sold 1,000 Cytokinetics shares for $74,660 under a pre-arranged Rule 10b5-1 trading plan, reducing his stake by 9.82% to 9,184 shares.
• Cytokinetics shares rose 0.2% to $73.77, while the company reported a quarterly loss of $1.50 per share and $28.62 million in revenue, exceeding analysts’ estimates but marking a 57.1% year-over-year revenue decline.
• Wall Street remains broadly positive, with 18 Buy ratings, one Hold, and one Sell; the consensus rating is Moderate Buy with a $103.37 price target.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) Director Robert Landry sold 1,000 shares of the business's stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $74.66, for a total value of $74,660.00. Following the completion of the sale, the director owned 9,184 shares of the company's stock, valued at $685,677.44. The trade was a 9.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Up 0.2%

Shares of NASDAQ:CYTK traded up $0.15 during trading on Friday, reaching $73.77. 1,721,502 shares of the company traded hands, compared to its average volume of 1,643,355. The firm has a market capitalization of $9.18 billion, a price-to-earnings ratio of -10.22 and a beta of 0.36. Cytokinetics, Incorporated has a 52-week low of $47.22 and a 52-week high of $88.31. The business's fifty day moving average is $78.05 and its 200-day moving average is $72.71.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) 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. During the same period in the previous year, the firm earned ($1.12) earnings per share. The firm's quarterly revenue was down 57.1% compared to the same quarter last year. On average, sell-side analysts predict that Cytokinetics, Incorporated will post -5.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its stake 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 valued at $25,000 after purchasing an additional 673 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in Cytokinetics in the 4th quarter valued at about $27,000. Kestra Advisory Services LLC bought a new position in Cytokinetics in the 4th quarter worth about $29,000. Quarry LP purchased a new position in shares of Cytokinetics during the third quarter worth approximately $30,000. Finally, Advisory Services Network LLC bought a new stake in Cytokinetics during the 3rd quarter valued at $32,000.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CYTK. UBS Group raised shares of Cytokinetics from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $69.00 to $115.00 in a report on Monday, June 29th. Truist Financial increased their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Citizens Jmp raised their price objective on shares of Cytokinetics from $105.00 to $110.00 and gave the stock a "market outperform" rating in a report on Friday, August 7th. Citigroup reiterated a "market outperform" rating on shares of Cytokinetics in a research note on Friday, August 7th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cytokinetics in a report on Friday, July 17th. Eighteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $103.37.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.

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.