Cytokinetics (NASDAQ:CYTK) EVP Fady Ibraham Malik Sells 3,500 Shares

Cytokinetics, Incorporated (NASDAQ:CYTK) EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $67.98, for a total value of $237,930.00. Following the transaction, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $10,462,257.96. This represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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, 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 value 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 value of $229,915.00.
• On Tuesday, April 7th, Fady Ibraham Malik sold 4,500 shares of Cytokinetics stock. The stock was sold at an average price of $65.11, for a total transaction of $292,995.00.
• On Tuesday, March 17th, Fady Ibraham Malik sold 12,033 shares of Cytokinetics stock. The shares were sold at an average price of $62.15, for a total transaction of $747,850.95.

Cytokinetics Stock Performance

NASDAQ:CYTK traded up $0.55 during mid-day trading on Tuesday, hitting $68.45. 2,492,468 shares of the company’s stock traded hands, compared to its average volume of 2,177,194. The company has a market cap of $8.52 billion, a PE ratio of -10.01 and a beta of 0.42. The firm’s 50 day simple moving average is $70.06 and its 200 day simple moving average is $65.96. Cytokinetics, Incorporated has a 1 year low of $31.99 and a 1 year high of $80.20.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $8.52 million. During the same period last year, the company earned ($1.36) EPS. The firm’s revenue for the quarter was up 1112.5% on a year-over-year basis. On average, research analysts expect that Cytokinetics, Incorporated will post -6.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Seven Fleet Capital Management LP boosted its holdings in Cytokinetics by 492.8% in the first quarter. Seven Fleet Capital Management LP now owns 61,269 shares of the biopharmaceutical company’s stock valued at $4,038,000 after acquiring an additional 50,934 shares during the last quarter. Western Wealth Management LLC acquired a new position in Cytokinetics in the first quarter valued at $53,000. Cim Investment Management Inc. acquired a new position in Cytokinetics in the first quarter valued at $308,000. Janus Henderson Group PLC boosted its holdings in Cytokinetics by 10.1% in the first quarter. Janus Henderson Group PLC now owns 282,121 shares of the biopharmaceutical company’s stock valued at $18,593,000 after acquiring an additional 25,909 shares during the last quarter. Finally, Encore Global Management LP acquired a new position in Cytokinetics in the first quarter valued at $330,000.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Truist Financial set a $106.00 price objective on Cytokinetics in a research report on Tuesday, May 5th. Royal Bank Of Canada upped their price objective on Cytokinetics from $101.00 to $119.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. Mizuho upped their price objective on Cytokinetics from $84.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, March 18th. Finally, Bank of America restated a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $99.30.

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.