Key Points
- Cytokinetics director B. Lynne Parshall sold 5,000 shares at an average price of $71.48, generating $357,400. The Rule 10b5-1 transaction reduced her holdings by 31.68% to 10,784 shares.
- The company’s latest quarterly results exceeded expectations, with a loss of $1.50 per share versus the projected $1.63 loss and revenue of $28.62 million versus estimates of $17.59 million. However, revenue fell 57.1% year over year and Cytokinetics remains unprofitable.
- Analyst sentiment remains broadly positive, with 19 Buy ratings and an average price target of $102.20 versus the stock’s recent price near $71.40. The company also continues advancing its cardiovascular drug pipeline through Phase 3 milestones, although some firms maintain sell ratings.
Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) Director B Lynne Parshall sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $71.48, for a total value of $357,400.00. Following the completion of the sale, the director owned 10,784 shares in the company, valued at approximately $770,840.32. This represents a 31.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cytokinetics Price Performance
NASDAQ:CYTK opened at $71.40 on Wednesday. The firm has a market cap of $8.88 billion, a price-to-earnings ratio of -9.89 and a beta of 0.36. The company has a 50 day moving average price of $79.78 and a 200-day moving average price of $72.36. Cytokinetics, Incorporated has a 1-year low of $44.91 and a 1-year high of $88.31.
Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.63) by $0.13. The firm had revenue of $28.62 million for the quarter, compared to analysts' expectations of $17.59 million. The company's revenue was down 57.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.12) earnings per share. On average, sell-side analysts anticipate that Cytokinetics, Incorporated will post -6 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in CYTK. California State Teachers Retirement System lifted its holdings in Cytokinetics by 7,880.8% in the 2nd quarter. California State Teachers Retirement System now owns 10,901,679 shares of the biopharmaceutical company's stock valued at $928,714,000 after purchasing an additional 10,765,080 shares in the last quarter. Woodline Partners LP grew its holdings in shares of 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 buying an additional 1,435,422 shares in the last quarter. Norges Bank acquired a new stake in shares of Cytokinetics in the fourth quarter valued at about $51,281,000. Deep Track Capital LP lifted its stake in shares of Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock worth $236,328,000 after buying an additional 650,000 shares in the last quarter. Finally, Siren L.L.C. acquired a new position in Cytokinetics during the first quarter worth about $40,466,000.
Analyst Upgrades and Downgrades
CYTK has been the topic of a number of recent analyst reports. Wall Street Zen lowered Cytokinetics from a "hold" rating to a "sell" rating in a research report on Saturday. Weiss Ratings reissued a "sell (d-)" rating on shares of Cytokinetics in a report on Friday, July 17th. Truist Financial upped their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Citigroup reiterated a "market outperform" rating on shares of Cytokinetics in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cytokinetics from $97.00 to $103.00 and gave the stock an "overweight" rating in a research note on Thursday, August 13th. Nineteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $102.20.
Read Our Latest Analysis on CYTK
Cytokinetics News Summary
Here are the key news stories impacting Cytokinetics this week:
- Positive Sentiment: Cytokinetics reached a Phase 3 milestone in non-obstructive hypertrophic cardiomyopathy (HCM), highlighting progress in its cardiovascular pipeline and potentially expanding the opportunity for its muscle-directed therapies. Cytokinetics Reaches a Phase 3 First in Non-Obstructive HCM
- Positive Sentiment: The company presented new Phase 3 data, prompting continued discussion of the pipeline’s value; one analysis characterized CYTK as approximately 34% undervalued. Cytokinetics Presents New Phase 3 Data
- Positive Sentiment: HC Wainwright reaffirmed its “Buy” rating and set a $140 price target, implying substantial upside from the stock’s recent level. The broader analyst consensus remains “Moderate Buy,” with a target near $102.20.
- Neutral Sentiment: Recent quarterly results exceeded expectations, with a loss of $1.50 per share versus the expected $1.63 loss and revenue of $28.62 million versus a $17.59 million estimate. However, revenue declined 57.1% year over year and the company remains unprofitable.
- Negative Sentiment: CEO Robert Blum sold 7,500 shares for approximately $526,800, EVP Andrew Callos sold 10,000 shares for about $702,400, and director B. Lynne Parshall sold 5,000 shares for roughly $357,400. All trades were conducted under pre-arranged Rule 10b5-1 plans, reducing their value as signals of current management sentiment, though the sales may still weigh modestly on investor confidence. Cytokinetics Insider Trading Activity
- Negative Sentiment: Wall Street Zen lowered its rating on CYTK, providing a counterpoint to the more optimistic sell-side outlook.
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.
Further Reading
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