Cytokinetics (NASDAQ:CYTK) Sets New 1-Year Low on Insider Selling

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) hit a new 52-week low during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $45.17 and last traded at $45.47, with a volume of 328043 shares. The stock had previously closed at $47.37.

Specifically, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $49.32, for a total transaction of $98,640.00. Following the sale, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at $5,724,621.72. The trade was a 1.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CYTK shares. HC Wainwright reissued a “buy” rating on shares of Cytokinetics in a research note on Friday. Royal Bank of Canada upped their price target on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Mizuho upped their target price on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Finally, Needham & Company LLC restated a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a report on Monday, December 2nd. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.64.

Cytokinetics Stock Down 1.6 %

The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The firm’s fifty day moving average price is $50.42 and its two-hundred day moving average price is $53.48. The stock has a market cap of $5.50 billion, a price-to-earnings ratio of -8.67 and a beta of 0.82.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The business had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. During the same quarter in the prior year, the firm posted ($1.35) EPS. The business’s quarterly revenue was up 22.5% on a year-over-year basis. Sell-side analysts forecast that Cytokinetics, Incorporated will post -5.25 earnings per share for the current fiscal year.

Institutional Trading of Cytokinetics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. grew its holdings in shares of Cytokinetics by 10.2% during the second quarter. Victory Capital Management Inc. now owns 37,039 shares of the biopharmaceutical company’s stock valued at $2,007,000 after buying an additional 3,436 shares during the last quarter. Quest Partners LLC acquired a new position in Cytokinetics during the 2nd quarter valued at about $398,000. Federated Hermes Inc. boosted its stake in Cytokinetics by 204.6% during the 2nd quarter. Federated Hermes Inc. now owns 26,098 shares of the biopharmaceutical company’s stock valued at $1,414,000 after purchasing an additional 17,530 shares during the last quarter. WINTON GROUP Ltd bought a new stake in Cytokinetics during the 2nd quarter worth approximately $983,000. Finally, Massachusetts Financial Services Co. MA purchased a new stake in shares of Cytokinetics in the second quarter worth approximately $14,957,000.

Cytokinetics Company Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.