Key Points
- Director Robert Landry sold 1,000 Cytokinetics shares at an average price of $74.66, generating $74,660. The Rule 10b5-1 transaction reduced his stake by 9.82% to 9,184 shares.
- Cytokinetics reported a quarterly loss of $1.50 per share, better than the expected $1.63 loss, while revenue of $28.62 million exceeded estimates but declined 57.1% year over year.
- Analysts remain broadly positive, with 18 Buy ratings, one Hold, and one Sell; the stock has a consensus “Moderate Buy” rating and an average price target of $103.37 versus its $73.77 opening price.
Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) Director Robert Landry sold 1,000 shares of the business's stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $74.66, for a total value of $74,660.00. Following the completion of the sale, the director owned 9,184 shares of the company's stock, valued at approximately $685,677.44. This represents a 9.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cytokinetics Trading Up 0.2%
Shares of CYTK opened at $73.77 on Friday. The company's 50 day simple moving average is $78.05 and its 200-day simple moving average is $72.71. The firm has a market cap of $9.18 billion, a PE ratio of -10.22 and a beta of 0.36. Cytokinetics, Incorporated has a 12-month low of $47.22 and a 12-month high of $88.31.
Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, beating the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million during the quarter, compared to analysts' expectations of $17.59 million. The firm's revenue for the quarter was down 57.1% compared to the same quarter last year. During the same quarter last year, the company earned ($1.12) EPS. As a group, equities research analysts forecast that Cytokinetics, Incorporated will post -5.98 EPS for the current fiscal year.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on CYTK shares. Morgan Stanley upgraded shares of Cytokinetics from an "overweight" rating to a "buy" rating in a research note on Tuesday, September 1st. Wall Street Zen cut Cytokinetics from a "hold" rating to a "sell" rating in a research report on Saturday, August 29th. UBS Group raised Cytokinetics from a "neutral" rating to a "buy" rating and upped their price objective for the company from $69.00 to $115.00 in a research note on Monday, June 29th. JPMorgan Chase & Co. increased their price objective on Cytokinetics from $97.00 to $103.00 and gave the stock an "overweight" rating in a research report on Thursday, August 13th. Finally, Truist Financial lifted their target price on Cytokinetics from $106.00 to $112.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Eighteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $103.37.
Read Our Latest Stock Analysis on CYTK
Institutional Trading of Cytokinetics
Hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock worth $25,000 after purchasing an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new position in Cytokinetics during the 4th quarter worth approximately $27,000. Kestra Advisory Services LLC purchased a new position in shares of Cytokinetics during the 4th quarter worth approximately $29,000. Quarry LP purchased a new position in shares of Cytokinetics during the 3rd quarter worth approximately $30,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Cytokinetics in the 3rd quarter valued at approximately $32,000.
About Cytokinetics
(
Get Free Report)
Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.
Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.
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