Cytokinetics (NASDAQ:CYTK) Director Sells $370,400.00 in Stock

by · The Cerbat Gem

Cytokinetics, Incorporated (NASDAQ:CYTK – Get Free Report) Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the sale, the director owned 15,784 shares in the company, valued at $1,169,278.72. The trade was a 24.06% decrease in their position. The transaction was disclosed in a 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 Down 4.0%

Shares of NASDAQ:CYTK traded down $3.08 on Monday, reaching $73.68. 1,659,872 shares of the company traded hands, compared to its average volume of 2,198,320. The business’s 50-day simple moving average is $68.95 and its 200 day simple moving average is $65.75. Cytokinetics, Incorporated has a 52 week low of $30.55 and a 52 week high of $80.20. The stock has a market capitalization of $9.17 billion, a P/E ratio of -10.77 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. During the same period last year, the business posted ($1.36) earnings per share. The firm’s quarterly revenue was up 1112.5% compared to the same quarter last year. Sell-side analysts expect that Cytokinetics, Incorporated will post -6.27 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CYTK. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. UBS Group set a $119.00 price objective on Cytokinetics in a research note on Wednesday, May 6th. Mizuho raised their price objective on Cytokinetics from $84.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, March 18th. Barclays raised their price objective on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a research note on Monday, April 6th. Finally, Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.30.

Read Our Latest Analysis on Cytokinetics

Institutional Trading of Cytokinetics

Large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in Cytokinetics during the 4th quarter valued at approximately $27,000. Kestra Advisory Services LLC bought a new stake in Cytokinetics during the 4th quarter valued at approximately $29,000. Quarry LP bought a new stake in Cytokinetics during the 3rd quarter valued at approximately $30,000. Finally, TD Waterhouse Canada Inc. bought a new stake in Cytokinetics during the 4th quarter valued at approximately $32,000.

Cytokinetics Company Profile

(Get Free Report)

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.

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