Key Points
- Cytokinetics director B. Lynne Parshall sold 5,000 shares on June 1 at an average price of $74.08, for proceeds of about $370,400. The sale reduced her holdings by 24.06% and was made under a pre-arranged Rule 10b5-1 trading plan.
- The stock has been trading near its highs, opening at $73.68 with a market value of $9.17 billion. CYTK is up from a 52-week low of $30.55 and sits just below its 52-week high of $80.20.
- Wall Street remains largely bullish on Cytokinetics despite the insider sale. Analysts have an average Moderate Buy rating with a consensus price target of $99.30, while the company recently beat revenue expectations in its latest quarterly report.
Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) Director Edward Md Kaye sold 2,933 shares of the business's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $76.09, for a total value of $223,171.97. Following the transaction, the director owned 10,283 shares in the company, valued at $782,433.47. This represents a 22.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cytokinetics Stock Down 4.0%
Shares of CYTK opened at $73.68 on Tuesday. Cytokinetics, Incorporated has a 12-month low of $30.55 and a 12-month high of $80.20. The firm has a market capitalization of $9.17 billion, a price-to-earnings ratio of -10.77 and a beta of 0.42. The stock's 50-day moving average price is $69.17 and its 200 day moving average price is $65.80.
Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same quarter in the prior year, the company posted ($1.36) earnings per share. The company's revenue for the quarter was up 1112.5% on a year-over-year basis. Equities research analysts expect that Cytokinetics, Incorporated will post -6.27 EPS for the current year.
Analyst Ratings Changes
Several brokerages have recently commented on CYTK. Wells Fargo & Company boosted their target price on Cytokinetics from $95.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Wall Street Zen raised Cytokinetics from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Citizens Jmp increased their price target on Cytokinetics from $88.00 to $96.00 and gave the company a "market outperform" rating in a research note on Wednesday, February 25th. Needham & Company LLC upped their price objective on shares of Cytokinetics from $85.00 to $102.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. Finally, UBS Group set a $119.00 price objective on shares of Cytokinetics in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $99.30.
Check Out Our Latest Stock Analysis on CYTK
Hedge Funds Weigh In On Cytokinetics
A number of hedge funds and other institutional investors have recently bought and sold shares of CYTK. Woodline Partners LP grew its holdings in Cytokinetics by 676.1% during the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company's stock worth $90,559,000 after purchasing an additional 1,435,422 shares during the period. Norges Bank acquired a new stake in shares of Cytokinetics in the fourth quarter valued at approximately $51,281,000. Deep Track Capital LP increased its stake in Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock valued at $236,328,000 after acquiring an additional 650,000 shares during the last quarter. Siren L.L.C. bought a new position in Cytokinetics in the first quarter valued at approximately $40,466,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Cytokinetics by 151,987.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company's stock valued at $35,949,000 after acquiring an additional 565,393 shares during the last quarter.
Cytokinetics Company Profile
(
Get Free Report)
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.
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