B Lynne Parshall Sells 5,000 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the sale, the director directly owned 15,784 shares in the company, valued at approximately $1,169,278.72. This represents a 24.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded down $3.08 during midday trading on Monday, hitting $73.68. 1,659,872 shares of the stock traded hands, compared to its average volume of 2,198,320. The firm has a 50-day moving average of $68.95 and a two-hundred day moving average of $65.75. The firm has a market capitalization of $9.17 billion, a P/E ratio of -10.77 and a beta of 0.42. Cytokinetics, Incorporated has a one year low of $30.55 and a one year high of $80.20.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. Cytokinetics’s quarterly revenue was up 1112.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.36) earnings per share. Equities analysts forecast that Cytokinetics, Incorporated will post -6.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on CYTK. Stifel Nicolaus upped their price objective on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Bank of America restated a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Royal Bank Of Canada upped their price objective on Cytokinetics from $101.00 to $119.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. HC Wainwright upped their price objective on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Finally, Truist Financial set a $106.00 price objective on Cytokinetics in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $99.30.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Kemnay Advisory Services Inc. bought a new position in Cytokinetics in the 4th quarter worth $27,000. Kestra Advisory Services LLC bought a new position in Cytokinetics in the 4th quarter worth $29,000. TD Waterhouse Canada Inc. bought a new position in Cytokinetics in the 4th quarter worth $32,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Cytokinetics by 46.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after buying an additional 171 shares during the period. Finally, Quarry LP bought a new position in Cytokinetics in the 3rd quarter worth $30,000.

Cytokinetics Company Profile

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.