Fady Ibraham Malik Sells 3,500 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $79.51, for a total value of $278,285.00. Following the completion of the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at $12,236,748.02. This trade represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 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 transaction of $237,930.00.
• On Tuesday, May 5th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The shares were sold at an average price of $77.37, for a total transaction 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 transaction of $229,915.00.
• On Tuesday, April 7th, Fady Ibraham Malik sold 4,500 shares of Cytokinetics stock. The shares were sold at an average price of $65.11, for a total transaction of $292,995.00.

Cytokinetics Stock Up 1.5%

CYTK opened at $81.20 on Thursday. The firm’s fifty day simple moving average is $72.34 and its two-hundred day simple moving average is $66.69. Cytokinetics, Incorporated has a 52-week low of $32.63 and a 52-week high of $82.83. The company has a market cap of $10.10 billion, a price-to-earnings ratio of -11.87 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. During the same period in the prior year, the firm earned ($1.36) EPS. The firm’s revenue for the quarter was up 1112.5% on a year-over-year basis. On average, research analysts forecast that Cytokinetics, Incorporated will post -6.48 EPS for the current year.

Institutional Investors Weigh In On Cytokinetics

A number of large investors have recently made changes to their positions in CYTK. Kemnay Advisory Services Inc. purchased a new stake in Cytokinetics in the 4th quarter valued at $27,000. Kestra Advisory Services LLC purchased a new position in shares of Cytokinetics during the 4th quarter worth $29,000. TD Waterhouse Canada Inc. purchased a new position in shares of Cytokinetics during the 4th quarter worth $32,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after acquiring an additional 171 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of Cytokinetics in the third quarter valued at about $30,000.

Analysts Set New Price Targets

CYTK has been the subject of a number of research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Citizens Jmp lifted their price target on Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 25th. Citigroup began coverage on Cytokinetics in a research report on Monday, May 18th. They set a “buy” rating and a $99.00 price target for the company. HC Wainwright boosted their price target on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Finally, Morgan Stanley increased their price objective on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.20.

Cytokinetics Company Profile

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.