Insider Selling: Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Sells 7,300 Shares of Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $53.72, for a total value of $392,156.00. Following the transaction, the executive vice president now owns 133,004 shares in the company, valued at approximately $7,144,974.88. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Tuesday, June 11th, Fady Ibraham Malik sold 7,788 shares of Cytokinetics stock. The shares were sold at an average price of $53.04, for a total value of $413,075.52.
• On Tuesday, May 7th, Fady Ibraham Malik sold 15,547 shares of Cytokinetics stock. The shares were sold at an average price of $65.11, for a total value of $1,012,265.17.
• On Tuesday, April 9th, Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock. The shares were sold at an average price of $74.31, for a total value of $2,422,877.55.

Cytokinetics Trading Down 2.1 %

Shares of CYTK opened at $51.75 on Thursday. The business’s fifty day simple moving average is $57.30 and its two-hundred day simple moving average is $66.77. Cytokinetics, Incorporated has a 12 month low of $25.98 and a 12 month high of $110.25. The company has a market cap of $5.43 billion, a price-to-earnings ratio of -9.58 and a beta of 0.74.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The firm had revenue of $0.84 million during the quarter, compared to analysts’ expectations of $0.91 million. Cytokinetics’s revenue for the quarter was down 81.8% on a year-over-year basis. During the same quarter last year, the firm earned ($1.38) earnings per share. As a group, research analysts forecast that Cytokinetics, Incorporated will post -4.55 EPS for the current year.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Cytokinetics by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock valued at $919,800,000 after buying an additional 273,565 shares during the period. First Turn Management LLC bought a new position in shares of Cytokinetics during the 4th quarter valued at $67,414,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cytokinetics by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock valued at $65,955,000 after buying an additional 33,257 shares during the period. Westfield Capital Management Co. LP bought a new position in Cytokinetics in the 1st quarter worth $51,277,000. Finally, Norges Bank bought a new position in Cytokinetics in the 4th quarter worth $60,299,000.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Raymond James cut their price objective on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. HC Wainwright reaffirmed a “buy” rating and set a $90.00 price objective on shares of Cytokinetics in a research report on Monday, June 17th. Mizuho cut their price objective on Cytokinetics from $103.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. Oppenheimer cut their price objective on Cytokinetics from $107.00 to $106.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Finally, JPMorgan Chase & Co. cut their price objective on Cytokinetics from $77.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.06.

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.