Insider Selling: Cytokinetics (NASDAQ:CYTK) Director Sells $357,400.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) Director B. Parshall sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $71.48, for a total value of $357,400.00. Following the transaction, the director owned 10,784 shares in the company, valued at approximately $770,840.32. This trade represents a 31.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Up 2.8%

NASDAQ:CYTK opened at $73.95 on Friday. Cytokinetics, Incorporated has a 1 year low of $47.22 and a 1 year high of $88.31. The firm’s fifty day simple moving average is $79.46 and its 200 day simple moving average is $72.47. The firm has a market capitalization of $9.20 billion, a PE ratio of -10.24 and a beta of 0.36.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.63) by $0.13. The firm had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. The firm’s revenue was down 57.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.12) EPS. As a group, analysts anticipate that Cytokinetics, Incorporated will post -5.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CYTK. Kemnay Advisory Services Inc. bought a new stake in Cytokinetics in the 4th quarter valued at $27,000. Kestra Advisory Services LLC bought a new position in shares of Cytokinetics during the 4th quarter worth about $29,000. Northwestern Mutual Wealth Management Co. boosted its position 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 acquiring an additional 171 shares in the last quarter. Quarry LP acquired a new stake in shares of Cytokinetics during the 3rd quarter valued at about $30,000. Finally, Advisory Services Network LLC bought a new stake in Cytokinetics in the third quarter valued at about $32,000.

Analyst Upgrades and Downgrades

Several brokerages have commented on CYTK. UBS Group raised Cytokinetics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $69.00 to $115.00 in a research report on Monday, June 29th. Citizens Jmp raised their price objective on shares of Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Cytokinetics from $97.00 to $103.00 and gave the stock an “overweight” rating in a research report on Thursday, August 13th. Needham & Company LLC upped their target price on shares of Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Finally, Morgan Stanley raised shares of Cytokinetics from an “overweight” rating to a “buy” rating in a report on Tuesday. Eighteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $103.37.

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.