Insider Selling: Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Sells $408,070.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $55.90, for a total transaction of $408,070.00. Following the sale, the executive vice president now directly owns 131,004 shares of the company’s stock, valued at approximately $7,323,123.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Tuesday, June 25th, Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock. The stock was sold at an average price of $53.72, for a total transaction of $392,156.00.
• On Tuesday, June 11th, Fady Ibraham Malik sold 7,788 shares of Cytokinetics stock. The stock was sold at an average price of $53.04, for a total transaction of $413,075.52.
• On Tuesday, May 7th, Fady Ibraham Malik sold 15,547 shares of Cytokinetics stock. The stock was sold at an average price of $65.11, for a total transaction of $1,012,265.17.

Cytokinetics Price Performance

Shares of CYTK stock opened at $56.30 on Friday. Cytokinetics, Incorporated has a one year low of $25.98 and a one year high of $110.25. The firm has a 50-day moving average of $55.09 and a 200-day moving average of $67.88. The company has a market cap of $5.90 billion, a P/E ratio of -10.43 and a beta of 0.75.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The company had revenue of $0.84 million for the quarter, compared to analyst estimates of $0.91 million. During the same period in the previous year, the business earned ($1.38) EPS. The business’s revenue was down 81.8% compared to the same quarter last year. As a group, research analysts expect that Cytokinetics, Incorporated will post -4.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CYTK has been the subject of several recent research reports. Barclays decreased their price target on shares of Cytokinetics from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Truist Financial decreased their price objective on shares of Cytokinetics from $86.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. HC Wainwright reissued a “buy” rating and set a $90.00 target price on shares of Cytokinetics in a research note on Monday, June 17th. B. Riley cut their target price on shares of Cytokinetics from $122.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Finally, Bank of America dropped their price objective on shares of Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $77.06.

Institutional Trading of Cytokinetics

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Cytokinetics by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after buying an additional 273,565 shares during the last quarter. First Turn Management LLC purchased a new stake in Cytokinetics during the fourth quarter worth about $67,414,000. Charles Schwab Investment Management Inc. increased its holdings in Cytokinetics by 4.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock worth $65,955,000 after buying an additional 33,257 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in Cytokinetics during the first quarter worth about $51,277,000. Finally, Norges Bank purchased a new position in shares of Cytokinetics in the fourth quarter worth about $60,299,000.

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.