Key Points
- Cytokinetics EVP Fady Malik sold 3,500 shares for approximately $214,830 at an average price of $61.38 under a pre-arranged Rule 10b5-1 plan. He retains 153,902 shares, and has made several similar sales since July.
- CYTK opened at $61.35, below its 50-day and 200-day moving averages of $72.74 and $73.26, respectively. The stock has traded between $54.30 and $88.31 over the past year.
- Despite the insider selling and a recent downgrade to “sell” by one firm, analysts remain broadly positive, with an overall “Moderate Buy” rating and an average price target of $106.
Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) EVP Fady Malik sold 3,500 shares of the business's stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $61.38, for a total transaction of $214,830.00. Following the completion of the transaction, the executive vice president owned 153,902 shares in the company, valued at $9,446,504.76. The trade was a 2.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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, September 22nd, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $68.29, for a total transaction of $239,015.00.
- On Tuesday, September 8th, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $75.46, for a total value of $264,110.00.
- On Tuesday, August 18th, Fady Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $75.82, for a total value of $265,370.00.
- On Tuesday, July 21st, Fady Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $80.59, for a total value of $282,065.00.
Cytokinetics Price Performance
CYTK opened at $61.35 on Wednesday. Cytokinetics, Incorporated has a one year low of $54.30 and a one year high of $88.31. The business has a 50 day simple moving average of $72.74 and a two-hundred day simple moving average of $73.26. The firm has a market capitalization of $7.63 billion, a price-to-earnings ratio of -8.50 and a beta of 0.41.
Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping analysts' consensus estimates of ($1.63) by $0.13. The business had revenue of $28.62 million during the quarter, compared to the consensus estimate of $17.59 million. During the same quarter in the prior year, the business posted ($1.12) earnings per share. Cytokinetics's quarterly revenue was down 57.1% compared to the same quarter last year. As a group, sell-side analysts expect that Cytokinetics, Incorporated will post -5.98 EPS for the current fiscal year.
Institutional Investors Weigh In On Cytokinetics
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CYTK. Principal Financial Group Inc. lifted its position in Cytokinetics by 11.9% during the first quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company's stock valued at $72,072,000 after buying an additional 116,593 shares during the period. Frazier Life Sciences Management L.P. grew its position in shares of Cytokinetics by 5.0% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 934,642 shares of the biopharmaceutical company's stock worth $59,387,000 after buying an additional 44,197 shares during the period. Norges Bank bought a new position in shares of Cytokinetics in the 4th quarter worth about $51,281,000. ADAR1 Capital Management LLC increased its stake in shares of Cytokinetics by 17.1% in the 1st quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company's stock worth $41,692,000 after acquiring an additional 92,390 shares in the last quarter. Finally, Siren L.L.C. purchased a new position in Cytokinetics during the 1st quarter valued at about $40,466,000.
Analysts Set New Price Targets
A number of brokerages have issued reports on CYTK. Wall Street Zen downgraded shares of Cytokinetics from a "hold" rating to a "sell" rating in a research report on Sunday. Citigroup reaffirmed a "market outperform" rating on shares of Cytokinetics in a research note on Friday, August 7th. HC Wainwright reiterated a "buy" rating and set a $140.00 price target on shares of Cytokinetics in a research report on Monday, August 31st. Weiss Ratings reissued a "sell (d-)" rating on shares of Cytokinetics in a research note on Friday, July 17th. Finally, Mizuho increased their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 24th. Eighteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $106.00.
View Our Latest Research Report on Cytokinetics
Cytokinetics Company Profile
(
Get Free Report)
Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.
Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.
Further Reading
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