Cytokinetics (NASDAQ:CYTK) Director B Lynne Parshall Sells 5,000 Shares of Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the sale, the director directly owned 15,784 shares in the company, valued at approximately $1,169,278.72. This represents a 24.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Down 4.0%

CYTK stock opened at $73.68 on Tuesday. The stock has a market capitalization of $9.17 billion, a PE ratio of -10.77 and a beta of 0.42. Cytokinetics, Incorporated has a 12-month low of $30.55 and a 12-month high of $80.20. The stock’s 50 day simple moving average is $69.17 and its 200 day simple moving average is $65.80.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. The business’s revenue was up 1112.5% compared to the same quarter last year. During the same period last year, the company posted ($1.36) earnings per share. On average, research analysts predict that Cytokinetics, Incorporated will post -6.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CYTK. UBS Group set a $119.00 price objective on Cytokinetics in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Monday, April 20th. Needham & Company LLC upped their price objective on Cytokinetics from $85.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Morgan Stanley upped their price objective on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, HC Wainwright upped their price objective on Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $99.30.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can lifted its holdings in shares of Cytokinetics by 1.2% during the 4th quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock valued at $845,000 after buying an additional 160 shares during the period. Kennedy Capital Management LLC lifted its holdings in shares of Cytokinetics by 1.2% during the 4th quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock valued at $838,000 after buying an additional 162 shares during the period. UMB Bank n.a. lifted its holdings in shares of Cytokinetics by 10.6% during the 3rd quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock valued at $97,000 after buying an additional 169 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings 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 buying an additional 171 shares during the period. Finally, Vident Advisory LLC increased its stake in shares of Cytokinetics by 1.4% in the 4th quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock worth $1,046,000 after purchasing an additional 234 shares in the last quarter.

About Cytokinetics

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.