Insider Selling: Cytokinetics (NASDAQ:CYTK) EVP Sells $1,118,320.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Andrew Callos sold 14,000 shares of the business's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $79.88, for a total value of $1,118,320.00. Following the transaction, the executive vice president directly owned 58,555 shares in the company, valued at $4,677,373.40. This trade represents a 19.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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Andrew Callos also recently made the following trade(s):

• On Wednesday, July 1st, Andrew Callos sold 15,000 shares of Cytokinetics stock. The stock was sold at an average price of $85.80, for a total value of $1,287,000.00.
• On Monday, June 1st, Andrew Callos sold 15,000 shares of Cytokinetics stock. The shares were sold at an average price of $74.08, for a total transaction of $1,111,200.00.
• On Friday, May 1st, Andrew Callos sold 15,857 shares of Cytokinetics stock. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00.

Cytokinetics Trading Up 2.6%

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Shares of Cytokinetics stock opened at $80.42 on Friday. The company's fifty day simple moving average is $78.74 and its two-hundred day simple moving average is $70.34. The company has a market cap of $10.01 billion, a P/E ratio of -11.76 and a beta of 0.42. Cytokinetics, Incorporated has a 12-month low of $32.89 and a 12-month high of $88.31.

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Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analysts' expectations of $8.52 million. The company's revenue for the quarter was up 1112.5% on a year-over-year basis. During the same period in the prior year, the business posted ($1.36) earnings per share. Analysts predict that Cytokinetics, Incorporated will post -6.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on CYTK shares. Wall Street Zen raised Cytokinetics from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cytokinetics in a research report on Friday, July 17th. Wells Fargo & Company raised their target price on Cytokinetics from $95.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. UBS Group upgraded Cytokinetics from a "neutral" rating to a "buy" rating and lifted their price target for the company from $69.00 to $115.00 in a research report on Monday, June 29th. Finally, Truist Financial set a $106.00 price target on Cytokinetics in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Cytokinetics currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.90.

View Our Latest Research Report on Cytokinetics

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tema ETFs LLC lifted its holdings in shares of Cytokinetics by 174.6% during the second quarter. Tema ETFs LLC now owns 22,413 shares of the biopharmaceutical company's stock valued at $1,909,000 after purchasing an additional 14,251 shares during the last quarter. E. Ohman J or Asset Management AB grew its stake in shares of Cytokinetics by 1.3% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 304,611 shares of the biopharmaceutical company's stock worth $25,950,000 after buying an additional 3,849 shares during the last quarter. Handelsbanken Fonder AB grew its stake in shares of Cytokinetics by 63.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company's stock worth $34,502,000 after buying an additional 157,700 shares during the last quarter. GAMMA Investing LLC increased its position in Cytokinetics by 12.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,487 shares of the biopharmaceutical company's stock valued at $212,000 after buying an additional 266 shares in the last quarter. Finally, Seven Fleet Capital Management LP increased its position in Cytokinetics by 492.8% during the 1st quarter. Seven Fleet Capital Management LP now owns 61,269 shares of the biopharmaceutical company's stock valued at $4,038,000 after buying an additional 50,934 shares in the last quarter.

Key Stories Impacting Cytokinetics

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: UK regulatory and reimbursement progress: The Medicines and Healthcare products Regulatory Agency authorized MYQORZO across the United Kingdom for eligible adults with symptomatic obstructive hypertrophic cardiomyopathy. NICE also recommended the treatment for use in England and Wales, potentially expanding access to approximately 6,600 NHS patients. Commercial availability is expected later this year. Cytokinetics wins UK approval, NICE backing for heart disease drug
• Positive Sentiment: Supportive clinical data: The approval was supported by the phase 3 SEQUOIA-HCM trial, in which aficamten produced a statistically significant improvement in peak oxygen uptake versus placebo. The UK authorization and NICE recommendation strengthen the drug’s potential as a future revenue driver for Cytokinetics. Cytokinetics Announces MHRA Marketing Authorisation for MYQORZO and Positive Guidance from NICE
• Neutral Sentiment: Earnings expectations: Analysts expect Cytokinetics to potentially exceed estimates in its upcoming second-quarter report. However, the company remains unprofitable, and its prior quarter included a loss of $1.67 per share despite revenue substantially exceeding expectations. Cytokinetics Expected to Beat Earnings Estimates
• Negative Sentiment: Executive selling adds a sentiment overhang: EVP Andrew Callos sold 14,000 shares worth approximately $1.12 million. The transaction was conducted under a pre-arranged Rule 10b5-1 plan, which reduces its significance as a discretionary bearish signal, but it follows a broader pattern of insider selling and no reported insider purchases in recent months. SEC Form 4 filing

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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