Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells 2,000 Shares of Stock

Key Points

• Fady Ibraham Malik, the Executive Vice President of Cytokinetics, sold 2,000 shares of the company's stock on September 23rd for a total of $98,560, decreasing his ownership in the company by 1.4%.
• Cytokinetics recently reported a quarterly earnings per share (EPS) of ($1.12), exceeding consensus estimates, with revenues increasing significantly by over 26,000% year-over-year.
• Analysts have a generally positive outlook on Cytokinetics, with many issuing "buy" ratings and a consensus price target of approximately $75.71 for the stock.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $49.28, for a total value of $98,560.00. Following the completion of the transaction, the executive vice president directly owned 140,610 shares in the company, valued at $6,929,260.80. This trade represents a 1.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Fady Ibraham Malik also recently made the following trade(s):

• On Tuesday, September 9th, Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock. The shares were sold at an average price of $51.29, for a total value of $102,580.00.
• On Tuesday, August 19th, Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock. The stock was sold at an average price of $38.31, for a total transaction of $76,620.00.
• On Tuesday, August 5th, Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock. The stock was sold at an average price of $36.34, for a total transaction of $72,680.00.
• On Tuesday, July 22nd, Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock. The shares were sold at an average price of $37.47, for a total transaction of $74,940.00.
• On Tuesday, July 8th, Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock. The stock was sold at an average price of $33.76, for a total transaction of $67,520.00.

Cytokinetics Stock Performance

NASDAQ CYTK traded up $0.30 during trading hours on Tuesday, hitting $48.55. The company had a trading volume of 1,904,503 shares, compared to its average volume of 1,915,714. The business has a 50 day moving average of $40.98 and a 200-day moving average of $38.00. The company has a market cap of $5.81 billion, a PE ratio of -9.52 and a beta of 0.62. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $59.39.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million for the quarter, compared to analysts' expectations of $1.95 million. The business's revenue for the quarter was up 26727.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.31) EPS. Sell-side analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in Cytokinetics by 1.9% in the second quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company's stock valued at $98,948,000 after buying an additional 56,961 shares in the last quarter. Vestal Point Capital LP increased its stake in shares of Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company's stock worth $98,294,000 after purchasing an additional 384,469 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Cytokinetics by 2.4% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,310,336 shares of the biopharmaceutical company's stock worth $52,662,000 after purchasing an additional 30,346 shares in the last quarter. Norges Bank purchased a new position in shares of Cytokinetics during the 2nd quarter worth approximately $39,122,000. Finally, Brown Advisory Inc. increased its stake in shares of Cytokinetics by 0.9% during the 1st quarter. Brown Advisory Inc. now owns 1,086,300 shares of the biopharmaceutical company's stock worth $43,658,000 after purchasing an additional 9,869 shares in the last quarter.

Analyst Ratings Changes

Several research firms have recently commented on CYTK. JMP Securities restated a "market outperform" rating and issued a $78.00 target price on shares of Cytokinetics in a research note on Tuesday, September 2nd. Citigroup increased their price target on shares of Cytokinetics from $77.00 to $84.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. HC Wainwright reissued a "buy" rating and set a $120.00 price target on shares of Cytokinetics in a report on Monday. Needham & Company LLC reissued a "buy" rating and set a $72.00 price target on shares of Cytokinetics in a report on Tuesday, September 2nd. Finally, Barclays increased their price target on shares of Cytokinetics from $53.00 to $71.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $75.71.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.

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