Cytokinetics (NASDAQ:CYTK) EVP Fady Ibraham Malik Sells 3,500 Shares

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $79.51, for a total value of $278,285.00. Following the sale, the executive vice president owned 153,902 shares in the company, valued at approximately $12,236,748.02. This trade represents a 2.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, June 9th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $67.98, for a total value of $237,930.00.
• On Tuesday, May 5th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $77.37, for a total value of $270,795.00.
• On Tuesday, April 21st, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $65.69, for a total value of $229,915.00.
• On Tuesday, April 7th, Fady Ibraham Malik sold 4,500 shares of Cytokinetics stock. The stock was sold at an average price of $65.11, for a total value of $292,995.00.

Cytokinetics Trading Up 1.1%

Cytokinetics stock opened at $80.01 on Wednesday. The stock has a 50-day moving average price of $72.05 and a 200 day moving average price of $66.58. Cytokinetics, Incorporated has a 52 week low of $32.22 and a 52 week high of $80.80. The stock has a market cap of $9.96 billion, a PE ratio of -11.70 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last released 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 analysts’ expectations of $8.52 million. Cytokinetics’s revenue for the quarter was up 1112.5% on a year-over-year basis. During the same quarter last year, the company posted ($1.36) earnings per share. On average, equities analysts predict that Cytokinetics, Incorporated will post -6.29 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $119.00 target price on shares of Cytokinetics in a research note on Wednesday, June 17th. Citizens Jmp raised their price objective on Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 25th. Stifel Nicolaus upped their target price on Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Wall Street Zen upgraded Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, JPMorgan Chase & Co. raised their price target on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Two 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.30.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently made changes to their positions in CYTK. EverSource Wealth Advisors LLC increased its holdings in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 673 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new position in Cytokinetics in the fourth quarter valued at $27,000. Kestra Advisory Services LLC acquired a new position in Cytokinetics in the fourth quarter valued at $29,000. Quarry LP purchased a new stake in Cytokinetics during the third quarter valued at about $30,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in Cytokinetics during the fourth quarter valued at about $32,000.

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.