Cytokinetics (NASDAQ:CYTK) EVP Sells $97,622.48 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Sung Lee sold 1,112 shares of Cytokinetics stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $87.79, for a total transaction of $97,622.48. Following the completion of the transaction, the executive vice president owned 63,221 shares of the company’s stock, valued at $5,550,171.59. The trade was a 1.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sung Lee also recently made the following trade(s):

• On Monday, June 29th, Sung Lee sold 3,134 shares of Cytokinetics stock. The shares were sold at an average price of $85.00, for a total transaction of $266,390.00.

Cytokinetics Stock Performance

Cytokinetics stock opened at $86.49 on Friday. Cytokinetics, Incorporated has a 1-year low of $32.89 and a 1-year high of $88.31. The firm has a market capitalization of $10.76 billion, a price-to-earnings ratio of -12.64 and a beta of 0.42. The firm has a 50 day simple moving average of $74.97 and a 200 day simple moving average of $67.74.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting the consensus estimate 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 quarter in the prior year, the company earned ($1.36) EPS. The company’s revenue was up 1112.5% on a year-over-year basis. On average, equities research analysts forecast that Cytokinetics, Incorporated will post -6.26 EPS for the current year.

Institutional Trading of Cytokinetics

Several institutional investors and hedge funds have recently modified their holdings of the business. Woodline Partners LP boosted its position in shares of Cytokinetics by 676.1% during the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock valued at $90,559,000 after acquiring an additional 1,435,422 shares during the last quarter. Norges Bank bought a new position in shares of Cytokinetics in the fourth quarter worth approximately $51,281,000. Deep Track Capital LP increased its position in shares of Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after purchasing an additional 650,000 shares during the last quarter. Siren L.L.C. purchased a new stake in Cytokinetics in the first quarter valued at approximately $40,466,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Cytokinetics by 151,987.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock valued at $35,949,000 after purchasing an additional 565,393 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CYTK. Leerink Partners reaffirmed an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Mizuho increased their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, June 24th. Citigroup started coverage on shares of Cytokinetics in a research report on Monday, May 18th. They issued a “buy” rating and a $99.00 price objective for the company. Barclays boosted their price objective on shares of Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a research note on Monday, April 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $102.00 target price on shares of Cytokinetics in a report on Wednesday, June 17th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $100.00.

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.