Key Points
- Cytokinetics EVP Fady Ibraham Malik sold 3,500 shares on June 23 at an average price of $79.51, for a total of $278,285. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and his direct holdings fell to 153,902 shares.
- This was part of a series of recent insider sales by Malik, including similar 3,500-share sales on June 9, May 5, and April 21, plus a 4,500-share sale on April 7.
- CYTK shares were trading near their 52-week high at $80.01, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $99.30.
Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $79.51, for a total transaction of $278,285.00. Following the sale, the executive vice president directly owned 153,902 shares of the company's stock, valued at approximately $12,236,748.02. This trade represents a 2.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 shares were sold at an average price of $67.98, for a total transaction of $237,930.00.
- On Tuesday, May 5th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $77.37, for a total transaction of $270,795.00.
- On Tuesday, April 21st, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $65.69, for a total transaction 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 transaction of $292,995.00.
Cytokinetics Trading Up 1.1%
Shares of CYTK stock opened at $80.01 on Wednesday. The company has a market cap of $9.96 billion, a PE ratio of -11.70 and a beta of 0.42. The company's fifty day simple moving average is $72.05 and its 200-day simple moving average is $66.58. Cytokinetics, Incorporated has a 52 week low of $32.22 and a 52 week high of $80.80.
Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting analysts' consensus estimates of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analysts' expectations of $8.52 million. During the same period last year, the company posted ($1.36) earnings per share. The firm's revenue for the quarter was up 1112.5% on a year-over-year basis. Equities research analysts expect that Cytokinetics, Incorporated will post -6.29 EPS for the current fiscal year.
Institutional Investors Weigh In On Cytokinetics
A number of hedge funds have recently bought and sold shares of CYTK. Millennium Management LLC boosted its stake in shares of Cytokinetics by 361.9% during the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock valued at $11,571,000 after buying an additional 225,576 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of Cytokinetics by 12.4% in the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company's stock worth $219,000 after buying an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after acquiring an additional 673 shares in the last quarter. Gabelli Funds LLC raised its holdings in Cytokinetics by 29.4% in the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company's stock valued at $278,000 after acquiring an additional 1,910 shares in the last quarter. Finally, California Public Employees Retirement System boosted its stake in Cytokinetics by 10.8% during the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company's stock valued at $4,712,000 after acquiring an additional 13,911 shares during the last quarter.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on CYTK shares. HC Wainwright increased their target price on Cytokinetics from $136.00 to $140.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Wells Fargo & Company boosted their price target on Cytokinetics from $95.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Royal Bank Of Canada restated an "outperform" rating and issued a $119.00 price target on shares of Cytokinetics in a report on Wednesday, June 17th. Citizens Jmp increased their price objective on shares of Cytokinetics from $88.00 to $96.00 and gave the company a "market outperform" rating in a research report on Wednesday, February 25th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Cytokinetics from $92.00 to $97.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $99.30.
Get Our Latest Report on Cytokinetics
About Cytokinetics
(
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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