Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $220,255.00 in Stock

Key Points

• EVP Fady Malik sold 3,500 Cytokinetics shares for $220,255 at an average price of $62.93, under a pre-arranged Rule 10b5-1 plan. He retained 153,902 shares after the sale.
• Malik also sold 3,500 shares in each of four earlier transactions dating back to August, continuing a pattern of scheduled sales.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $105.44. The company reported quarterly revenue of $28.62 million, above expectations, though revenue fell 57.1% year over year.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Fady Malik sold 3,500 shares of Cytokinetics stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $62.93, for a total transaction of $220,255.00. Following the completion of the transaction, the executive vice president directly owned 153,902 shares of the company's stock, valued at $9,685,052.86. The trade was a 2.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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, October 20th, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $64.01, for a total value of $224,035.00.
• On Tuesday, October 6th, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $61.38, for a total transaction of $214,830.00.
• On Tuesday, September 22nd, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were 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 stock was sold at an average price of $75.82, for a total value of $265,370.00.

Cytokinetics Stock Performance

Cytokinetics stock traded up $0.28 during mid-day trading on Tuesday, reaching $62.31. 1,699,286 shares of the company were exchanged, compared to its average volume of 2,088,597. The firm has a market cap of $7.75 billion, a P/E ratio of -8.63 and a beta of 0.41. The business has a fifty day moving average of $67.21 and a 200 day moving average of $70.06. Cytokinetics, Incorporated has a 12-month low of $58.05 and a 12-month high of $88.31.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data 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. During the same quarter in the previous year, the business earned ($1.12) earnings per share. The company's revenue for the quarter was down 57.1% compared to the same quarter last year. Sell-side analysts predict that Cytokinetics, Incorporated will post -5.97 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CYTK shares. Royal Bank Of Canada increased their price target on shares of Cytokinetics from $112.00 to $113.00 and gave the stock an "outperform" rating in a report on Thursday, October 8th. Needham & Company LLC raised their target price on shares of Cytokinetics from $102.00 to $112.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytokinetics in a report on Thursday, October 15th. Citigroup reaffirmed a "market outperform" rating on shares of Cytokinetics in a research report on Friday, August 7th. Finally, William Blair assumed coverage on Cytokinetics in a research note on Friday, October 16th. They set an "outperform" rating on the stock. Nineteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cytokinetics presently has an average rating of "Moderate Buy" and a consensus target price of $105.44.

Hedge Funds Weigh In On Cytokinetics

Hedge funds have recently bought and sold shares of the business. Pictet Asset Management Holding SA boosted its stake in Cytokinetics by 18.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 1,374,523 shares of the biopharmaceutical company's stock worth $90,569,000 after purchasing an additional 214,060 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Cytokinetics by 11.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company's stock valued at $72,072,000 after purchasing an additional 116,593 shares in the last quarter. ADAR1 Capital Management LLC grew its holdings 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 purchasing an additional 92,390 shares during the last quarter. Siren L.L.C. acquired a new stake in Cytokinetics during the 1st quarter worth about $40,466,000. Finally, Handelsbanken Fonder AB lifted its stake in shares of Cytokinetics by 63.8% in the second quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company's stock valued at $34,502,000 after buying an additional 157,700 shares in the last quarter.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.

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