Cytokinetics (NASDAQ:CYTK) Shares Gap Down Following Insider Selling

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $53.93, but opened at $52.71. Cytokinetics shares last traded at $52.78, with a volume of 26,675 shares trading hands.

Specifically, CAO Robert Wong sold 13,011 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $48.88, for a total value of $635,977.68. Following the transaction, the chief accounting officer now directly owns 16,653 shares of the company’s stock, valued at $813,998.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Robert Wong sold 13,011 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $48.88, for a total value of $635,977.68. Following the completion of the sale, the chief accounting officer now directly owns 16,653 shares of the company’s stock, valued at $813,998.64. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total value of $2,422,877.55. Following the transaction, the executive vice president now directly owns 138,567 shares in the company, valued at approximately $10,296,913.77. The disclosure for this sale can be found here. In the last 90 days, insiders sold 133,093 shares of company stock valued at $7,892,234. 3.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CYTK. Barclays decreased their price target on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Needham & Company LLC decreased their target price on Cytokinetics from $108.00 to $72.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. JMP Securities cut their price target on shares of Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating on the stock in a report on Tuesday, May 28th. B. Riley reduced their price target on shares of Cytokinetics from $122.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Finally, Raymond James lowered their price objective on shares of Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $76.41.

Cytokinetics Trading Down 1.6 %

The firm has a market cap of $5.45 billion, a P/E ratio of -9.62 and a beta of 0.75. The business’s fifty day simple moving average is $59.93 and its 200-day simple moving average is $66.08.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The company had revenue of $0.84 million during the quarter, compared to the consensus estimate of $0.91 million. Cytokinetics’s revenue was down 81.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.38) earnings per share. Analysts anticipate that Cytokinetics, Incorporated will post -4.55 earnings per share for the current year.

Institutional Trading of Cytokinetics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Maryland State Retirement & Pension System grew its holdings in shares of Cytokinetics by 0.8% during the 4th quarter. Maryland State Retirement & Pension System now owns 35,637 shares of the biopharmaceutical company’s stock worth $2,975,000 after acquiring an additional 278 shares during the period. Quadrant Capital Group LLC boosted its position in shares of Cytokinetics by 9.6% during the fourth quarter. Quadrant Capital Group LLC now owns 3,268 shares of the biopharmaceutical company’s stock valued at $273,000 after purchasing an additional 287 shares in the last quarter. Fifth Third Bancorp grew its stake in Cytokinetics by 94.1% in the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock worth $46,000 after purchasing an additional 318 shares during the period. Mutual of America Capital Management LLC raised its holdings in Cytokinetics by 2.0% in the fourth quarter. Mutual of America Capital Management LLC now owns 17,162 shares of the biopharmaceutical company’s stock worth $1,433,000 after purchasing an additional 337 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Cytokinetics by 4.8% during the third quarter. PNC Financial Services Group Inc. now owns 7,373 shares of the biopharmaceutical company’s stock valued at $217,000 after buying an additional 340 shares during the period.

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.