Cytokinetics (NASDAQ:CYTK) EVP Sung Lee Sells 3,134 Shares of Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Sung Lee sold 3,134 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $85.00, for a total transaction of $266,390.00. Following the completion of the sale, the executive vice president owned 63,221 shares in the company, valued at $5,373,785. This represents a 4.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK opened at $87.26 on Tuesday. The company has a fifty day moving average of $73.40 and a 200-day moving average of $67.10. The company has a market capitalization of $10.86 billion, a PE ratio of -12.76 and a beta of 0.42. Cytokinetics, Incorporated has a 52-week low of $32.66 and a 52-week high of $87.35.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. The company’s revenue was up 1112.5% compared to the same quarter last year. During the same period last year, the business earned ($1.36) EPS. On average, equities analysts forecast that Cytokinetics, Incorporated will post -6.26 EPS for the current fiscal year.

Institutional Trading of Cytokinetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its position in shares of Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares during the period. Kemnay Advisory Services Inc. acquired a new stake in shares of Cytokinetics during the fourth quarter worth $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Cytokinetics during the fourth quarter worth $29,000. Quarry LP bought a new position in Cytokinetics during the third quarter worth $30,000. Finally, TD Waterhouse Canada Inc. bought a new position in Cytokinetics during the fourth quarter worth $32,000.

Analyst Upgrades and Downgrades

CYTK has been the topic of several research reports. Needham & Company LLC restated a “buy” rating and set a $102.00 price target on shares of Cytokinetics in a report on Wednesday, June 17th. UBS Group raised shares of Cytokinetics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $69.00 to $115.00 in a report on Monday. Mizuho raised their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. JPMorgan Chase & Co. lifted their price target on shares of Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Finally, Wall Street Zen upgraded Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and a consensus target price of $100.00.

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.