Robert Landry Sells 1,000 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Key Points

• Director Robert Landry sold 1,000 Cytokinetics shares at an average price of $72.13, generating $72,130; the transaction was conducted under a pre-arranged Rule 10b5-1 plan and reduced his holdings by 10.89%.
• Cytokinetics shares fell to $69.31, while the company reported a quarterly loss of $1.50 per share and $28.62 million in revenue. Revenue declined 57.1% year over year, although the loss was narrower than analysts expected.
• Analyst sentiment remains broadly positive, with 18 Buy ratings, one Hold, and one Sell; the stock has a “Moderate Buy” consensus rating and an average price target of $103.37.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) Director Robert Landry sold 1,000 shares of the business's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $72.13, for a total transaction of $72,130.00. Following the sale, the director owned 8,184 shares of the company's stock, valued at approximately $590,311.92. This represents a 10.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded down $3.14 during midday trading on Tuesday, hitting $69.31. 2,576,604 shares of the stock traded hands, compared to its average volume of 2,121,944. The firm has a market capitalization of $8.62 billion, a P/E ratio of -9.60 and a beta of 0.36. Cytokinetics, Incorporated has a one year low of $47.22 and a one year high of $88.31. The firm has a 50-day moving average of $77.79 and a two-hundred day moving average of $72.75.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data 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 the consensus estimate of $17.59 million. The business's revenue was down 57.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.12) EPS. Equities analysts forecast that Cytokinetics, Incorporated will post -5.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CYTK. Norges Bank purchased a new position in shares of Cytokinetics during the 4th quarter valued at about $51,281,000. Siren L.L.C. purchased a new stake in Cytokinetics in the 1st quarter worth approximately $40,466,000. Northwestern Mutual Wealth Management Co. increased its holdings in Cytokinetics by 151,987.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company's stock worth $35,949,000 after acquiring an additional 565,393 shares in the last quarter. ExodusPoint Capital Management LP bought a new stake in Cytokinetics during the 4th quarter worth approximately $21,803,000. Finally, BNP Paribas Financial Markets raised its stake in Cytokinetics by 134.3% during the 4th quarter. BNP Paribas Financial Markets now owns 579,862 shares of the biopharmaceutical company's stock worth $36,844,000 after acquiring an additional 332,397 shares during the period.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CYTK. Citigroup reaffirmed a "market outperform" rating on shares of Cytokinetics in a research report on Friday, August 7th. Royal Bank Of Canada dropped their price objective on shares of Cytokinetics from $117.00 to $112.00 and set an "outperform" rating on the stock in a report on Friday, August 7th. Cantor Fitzgerald restated an "overweight" rating on shares of Cytokinetics in a research report on Friday. Barclays upped their target price on shares of Cytokinetics from $95.00 to $110.00 and gave the company an "overweight" rating in a report on Thursday, August 13th. Finally, Mizuho increased their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 24th. Eighteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Cytokinetics currently has an average rating of "Moderate Buy" and an average target price of $103.37.

About Cytokinetics

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.

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