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 stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $86.62, for a total value of $303,170.00. Following the completion of the transaction, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $13,330,991.24. This represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 23rd, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was sold at an average price of $79.51, for a total transaction of $278,285.00.
• On Tuesday, June 9th, Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock. The stock was 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.

Cytokinetics Trading Down 0.8%

CYTK opened at $84.88 on Thursday. The firm has a market capitalization of $10.56 billion, a PE ratio of -12.41 and a beta of 0.42. Cytokinetics, Incorporated has a twelve month low of $32.89 and a twelve month high of $88.31. The firm’s 50-day moving average price is $76.24 and its 200 day moving average price is $68.29.

Cytokinetics (NASDAQ:CYTK) last announced 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 for the quarter, compared to analysts’ expectations of $8.52 million. The firm’s revenue was up 1112.5% on a year-over-year basis. During the same period in the prior year, the company posted ($1.36) EPS. As a group, analysts predict that Cytokinetics, Incorporated will post -6.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on CYTK. Stifel Nicolaus increased their price target on Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Mizuho boosted their price objective on Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Morgan Stanley raised their target price on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Truist Financial set a $106.00 price target on Cytokinetics in a report on Tuesday, May 5th. Finally, Wells Fargo & Company upped their price objective on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Cytokinetics presently has a consensus rating of “Moderate Buy” and an average target price of $99.90.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after acquiring an additional 191,336 shares during the period. State Street Corp lifted its stake in shares of Cytokinetics by 3.7% in the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock valued at $370,139,000 after purchasing an additional 207,961 shares during the last quarter. Deep Track Capital LP lifted its stake in shares of Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after purchasing an additional 650,000 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Cytokinetics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock worth $194,214,000 after purchasing an additional 15,815 shares during the period. Finally, Vestal Point Capital LP grew its holdings in shares of Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after purchasing an additional 384,469 shares during the period.

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.