Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells 2,907 Shares of Stock

Key Points

• EVP Fady Ibraham Malik sold 2,907 shares on March 9 at an average price of $60.72 for about $176,513, leaving him with 138,629 shares (a 2.05% reduction in his position).
• Shares were trading at $64.20 with roughly 2.11 million shares exchanged (above average), giving Cytokinetics a market cap of about $7.91 billion and a 52-week range of $29.31–$70.98.
• Cytokinetics missed EPS at ($1.50) versus ($1.48) expected but beat revenue ($17.76M vs $8.02M), and analysts hold a consensus "Moderate Buy" rating with a $89 price target (17 Buys, 3 Holds, 1 Sell).

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Fady Ibraham Malik sold 2,907 shares of the firm's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $60.72, for a total value of $176,513.04. Following the completion of the sale, the executive vice president directly owned 138,629 shares of the company's stock, valued at approximately $8,417,552.88. This represents a 2.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

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

• On Tuesday, December 16th, Fady Ibraham Malik sold 2,200 shares of Cytokinetics stock. The shares were sold at an average price of $61.24, for a total value of $134,728.00.

Cytokinetics Stock Performance

Shares of Cytokinetics stock traded up $1.78 during trading on Tuesday, hitting $64.20. 2,114,509 shares of the company's stock were exchanged, compared to its average volume of 1,900,180. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of -9.83 and a beta of 0.56. The business has a 50-day simple moving average of $63.96 and a 200-day simple moving average of $59.89. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $70.98.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing analysts' consensus estimates of ($1.48) by ($0.02). The business had revenue of $17.76 million for the quarter, compared to the consensus estimate of $8.02 million. The business's quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the firm earned ($1.26) earnings per share. On average, equities analysts anticipate that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CYTK. B. Riley Financial raised their target price on Cytokinetics from $90.00 to $108.00 and gave the stock a "buy" rating in a research note on Wednesday, January 21st. Morgan Stanley set a $90.00 target price on shares of Cytokinetics in a report on Thursday, January 8th. Robert W. Baird set a $84.00 target price on shares of Cytokinetics in a research note on Tuesday. Citizens Jmp increased their target price on Cytokinetics from $88.00 to $96.00 and gave the company a "market outperform" rating in a report on Wednesday, February 25th. Finally, Leerink Partners reaffirmed an "outperform" rating on shares of Cytokinetics in a research report on Tuesday. Seventeen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cytokinetics presently has a consensus rating of "Moderate Buy" and a consensus price target of $89.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CYTK. Corient Private Wealth LLC raised its stake in Cytokinetics by 46.4% in the 4th quarter. Corient Private Wealth LLC now owns 7,044 shares of the biopharmaceutical company's stock valued at $447,000 after purchasing an additional 2,231 shares during the last quarter. Seven Fleet Capital Management LP purchased a new position in shares of Cytokinetics in the 4th quarter worth $657,000. Alpine Global Management LLC purchased a new position in shares of Cytokinetics in the 4th quarter worth about $381,000. Pacer Advisors Inc. lifted its position in Cytokinetics by 76.5% during the fourth quarter. Pacer Advisors Inc. now owns 27,783 shares of the biopharmaceutical company's stock valued at $1,765,000 after buying an additional 12,043 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Cytokinetics by 30.3% in the 4th quarter. Invesco Ltd. now owns 204,878 shares of the biopharmaceutical company's stock valued at $13,018,000 after purchasing an additional 47,629 shares in the last quarter.

About Cytokinetics

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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