Edward Md Kaye Sells 2,933 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) Director Edward Md Kaye sold 2,933 shares of Cytokinetics stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $76.09, for a total value of $223,171.97. Following the completion of the sale, the director directly owned 10,283 shares in the company, valued at approximately $782,433.47. This represents a 22.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

Shares of Cytokinetics stock opened at $70.91 on Wednesday. The business’s 50 day simple moving average is $69.17 and its 200 day simple moving average is $65.80. Cytokinetics, Incorporated has a 52-week low of $30.81 and a 52-week high of $80.20. The firm has a market cap of $8.82 billion, a PE ratio of -10.37 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. During the same period in the prior year, the business posted ($1.36) EPS. The firm’s quarterly revenue was up 1112.5% compared to the same quarter last year. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -6.27 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Western Wealth Management LLC bought a new position in shares of Cytokinetics during the 1st quarter worth approximately $53,000. Cim Investment Management Inc. bought a new position in shares of Cytokinetics during the 1st quarter worth approximately $308,000. Janus Henderson Group PLC boosted its stake in shares of Cytokinetics by 10.1% during the 1st quarter. Janus Henderson Group PLC now owns 282,121 shares of the biopharmaceutical company’s stock worth $18,593,000 after acquiring an additional 25,909 shares during the period. Encore Global Management LP bought a new position in shares of Cytokinetics during the 1st quarter worth approximately $330,000. Finally, ADAR1 Capital Management LLC boosted its stake in shares of Cytokinetics by 17.1% during the 1st quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company’s stock worth $41,692,000 after acquiring an additional 92,390 shares during the period.

Wall Street Analyst Weigh In

CYTK has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Monday, April 20th. Truist Financial set a $106.00 price target on Cytokinetics in a research report on Tuesday, May 5th. Royal Bank Of Canada boosted their price target on Cytokinetics from $101.00 to $119.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. Robert W. Baird set a $84.00 price target on Cytokinetics in a research report on Tuesday, March 10th. Finally, Stifel Nicolaus boosted their price target on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus target price of $99.30.

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.