Insider Selling: Cytokinetics, Incorporated (NASDAQ:CYTK) Director Sells $299,200.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) Director B Lynne Parshall sold 5,000 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $59.84, for a total transaction of $299,200.00. Following the transaction, the director now owns 20,600 shares of the company’s stock, valued at approximately $1,232,704. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

B Lynne Parshall also recently made the following trade(s):

• On Monday, July 15th, B Lynne Parshall sold 5,000 shares of Cytokinetics stock. The shares were sold at an average price of $55.82, for a total transaction of $279,100.00.
• On Monday, July 1st, B Lynne Parshall sold 5,000 shares of Cytokinetics stock. The shares were sold at an average price of $54.22, for a total transaction of $271,100.00.
• On Monday, June 17th, B Lynne Parshall sold 5,000 shares of Cytokinetics stock. The shares were sold at an average price of $52.55, for a total value of $262,750.00.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $57.14 on Friday. Cytokinetics, Incorporated has a fifty-two week low of $25.98 and a fifty-two week high of $110.25. The firm has a market cap of $5.99 billion, a PE ratio of -10.58 and a beta of 0.75. The business has a 50 day moving average price of $54.31 and a 200-day moving average price of $64.94.

Cytokinetics (NASDAQ:CYTK) last announced 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 business had revenue of $0.84 million for the quarter, compared to analyst estimates of $0.91 million. During the same period in the prior year, the firm earned ($1.38) earnings per share. The firm’s revenue for the quarter was down 81.8% compared to the same quarter last year. Research analysts predict that Cytokinetics, Incorporated will post -4.5 EPS for the current year.

Analyst Upgrades and Downgrades

CYTK has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and issued a $90.00 target price on shares of Cytokinetics in a research note on Monday, June 17th. Bank of America decreased their target price on shares of Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, May 23rd. Needham & Company LLC cut their price target on shares of Cytokinetics from $108.00 to $72.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. Truist Financial decreased their price target on shares of Cytokinetics from $86.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, May 29th. Finally, JMP Securities dropped their price objective on Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating for the company in a research note on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.06.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CYTK. J.Safra Asset Management Corp grew its position in shares of Cytokinetics by 642.3% in the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 456 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Cytokinetics by 94.1% in the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after acquiring an additional 318 shares in the last quarter. GAMMA Investing LLC purchased a new position in Cytokinetics during the 4th quarter valued at $80,000. EntryPoint Capital LLC bought a new position in Cytokinetics in the 1st quarter worth $74,000. Finally, Bessemer Group Inc. lifted its position in shares of Cytokinetics by 25,100.0% in the 1st quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 1,255 shares during the period.

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.