Cytokinetics (NASDAQ:CYTK) EVP Sung Lee Sells 1,112 Shares

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Sung Lee sold 1,112 shares of the company’s 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 in the company, valued at approximately $5,550,171.59. The trade was a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 stock was sold at an average price of $85.00, for a total transaction of $266,390.00.

Cytokinetics Price Performance

Shares of CYTK opened at $86.49 on Friday. The firm has a market capitalization of $10.76 billion, a price-to-earnings ratio of -12.64 and a beta of 0.42. Cytokinetics, Incorporated has a 1-year low of $32.89 and a 1-year high of $88.31. The company has a 50-day moving average of $74.56 and a 200 day moving average of $67.61.

Cytokinetics (NASDAQ:CYTK) last issued 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 during the quarter, compared to the consensus estimate of $8.52 million. Cytokinetics’s revenue was up 1112.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.36) earnings per share. On average, equities analysts anticipate that Cytokinetics, Incorporated will post -6.26 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Barclays raised their price objective on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. Truist Financial set a $106.00 target price on Cytokinetics in a report on Tuesday, May 5th. Needham & Company LLC reissued a “buy” rating and set a $102.00 price target on shares of Cytokinetics in a research report on Wednesday, June 17th. Morgan Stanley raised their price target on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, Leerink Partners restated an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $100.00.

Hedge Funds Weigh In On Cytokinetics

A number of large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings 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 valued at $25,000 after buying an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Cytokinetics during the 4th quarter worth approximately $27,000. Kestra Advisory Services LLC bought a new position in shares of Cytokinetics during the 4th quarter worth approximately $29,000. Quarry LP purchased a new stake in Cytokinetics during the third quarter valued at approximately $30,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in Cytokinetics during the fourth quarter valued at approximately $32,000.

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.