Key Points
- Cytokinetics EVP Fady Ibraham Malik sold 3,500 shares on July 7 at an average price of $86.62, totaling about $303,170. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Malik still directly owned 153,902 shares valued at roughly $13.33 million, and the sale represented a 2.22% reduction in his stake. The filing was disclosed with the SEC.
- Cytokinetics shares have been strong recently, opening at $85.56 with a 52-week range of $32.89 to $88.31. Analysts remain broadly positive, with a consensus rating of Moderate Buy and an average target price of $99.90.
Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $86.62, for a total value of $303,170.00. Following the sale, the executive vice president directly owned 153,902 shares of the company's stock, valued at approximately $13,330,991.24. This trade represents a 2.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 23rd, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $79.51, for a total value of $278,285.00.
- 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 value 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 value 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 value of $229,915.00.
Cytokinetics Price Performance
Shares of NASDAQ CYTK opened at $85.56 on Wednesday. Cytokinetics, Incorporated has a one year low of $32.89 and a one year high of $88.31. The firm's 50 day simple moving average is $75.77 and its two-hundred day simple moving average is $68.13. The stock has a market capitalization of $10.65 billion, a P/E ratio of -12.51 and a beta of 0.42.
Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $8.52 million. During the same quarter in the previous year, the firm posted ($1.36) earnings per share. The company's revenue was up 1112.5% compared to the same quarter last year. As a group, equities analysts expect that Cytokinetics, Incorporated will post -6.26 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several analysts have issued reports on CYTK shares. JPMorgan Chase & Co. upped their price target on shares of Cytokinetics from $92.00 to $97.00 and gave the company an "overweight" rating in a research report on Tuesday, May 12th. Truist Financial set a $106.00 price objective on Cytokinetics in a report on Tuesday, May 5th. Citigroup initiated coverage on Cytokinetics in a research note on Monday, May 18th. They issued a "buy" rating and a $99.00 target price for the company. Mizuho raised their price target on Cytokinetics from $100.00 to $118.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 24th. Finally, Morgan Stanley raised their price target on Cytokinetics from $90.00 to $103.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Cytokinetics currently has a consensus rating of "Moderate Buy" and an average target price of $99.90.
View Our Latest Analysis on Cytokinetics
Hedge Funds Weigh In On Cytokinetics
A number of hedge funds have recently modified their holdings of the company. Millennium Management LLC raised its stake in shares of Cytokinetics by 361.9% during the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock valued at $11,571,000 after acquiring an additional 225,576 shares during the last quarter. Cetera Investment Advisers grew 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 purchasing an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after purchasing an additional 673 shares during the period. Gabelli Funds LLC increased its holdings in Cytokinetics by 29.4% during the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company's stock valued at $278,000 after purchasing an additional 1,910 shares during the period. Finally, California Public Employees Retirement System raised its position 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 purchasing an additional 13,911 shares during the last quarter.
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
