Insider Selling: Cytokinetics, Incorporated (NASDAQ:CYTK) Director Sells 450 Shares of Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) Director Robert Arthur Harrington sold 450 shares of Cytokinetics stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $39.43, for a total transaction of $17,743.50. Following the transaction, the director now owns 14,658 shares of the company’s stock, valued at $577,964.94. The trade was a 2.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Cytokinetics Stock Down 7.8 %

NASDAQ CYTK opened at $37.36 on Friday. Cytokinetics, Incorporated has a 52 week low of $36.89 and a 52 week high of $75.71. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The company has a market capitalization of $4.42 billion, a P/E ratio of -6.94 and a beta of 0.94. The stock’s 50-day moving average price is $44.93 and its 200-day moving average price is $48.98.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, beating the consensus estimate of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to analysts’ expectations of $14.26 million. On average, equities research analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on CYTK. Citigroup began coverage on Cytokinetics in a report on Friday, February 7th. They issued a “buy” rating and a $86.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research report on Thursday, February 6th. Stifel Nicolaus assumed coverage on shares of Cytokinetics in a report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a report on Friday. Finally, Evercore ISI upgraded shares of Cytokinetics to a “strong-buy” rating in a report on Friday, February 7th. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Cytokinetics presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.00.

Institutional Investors Weigh In On Cytokinetics

Institutional investors and hedge funds have recently bought and sold shares of the business. Harvey Capital Management Inc. purchased a new stake in shares of Cytokinetics during the fourth quarter worth about $1,040,000. abrdn plc boosted its stake in Cytokinetics by 29.4% in the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock worth $21,192,000 after purchasing an additional 102,457 shares during the period. AlphaQuest LLC grew its holdings in Cytokinetics by 113,500.0% during the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after buying an additional 1,135 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Cytokinetics by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock worth $560,520,000 after buying an additional 154,216 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Cytokinetics by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company’s stock worth $62,807,000 after acquiring an additional 13,798 shares during the last quarter.

About Cytokinetics

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.