Cytokinetics (NASDAQ:CYTK) Stock Price Down 3.2% on Insider Selling

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price traded down 3.2% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $52.22 and last traded at $52.22. 63,397 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 2,728,053 shares. The stock had previously closed at $53.93.

Specifically, Director Robert Arthur Harrington sold 1,580 shares of Cytokinetics stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $48.64, for a total value of $76,851.20. Following the completion of the sale, the director now owns 15,541 shares of the company’s stock, valued at approximately $755,914.24. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Robert Arthur Harrington sold 1,580 shares of Cytokinetics stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $48.64, for a total value of $76,851.20. Following the completion of the sale, the director now owns 15,541 shares of the company’s stock, valued at approximately $755,914.24. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Robert Wong sold 13,011 shares of Cytokinetics stock in a transaction dated 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 approximately $813,998.64. 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 insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CYTK shares. Barclays cut their target price on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Bank of America cut their target price on Cytokinetics from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, May 23rd. Needham & Company LLC cut their target price on Cytokinetics from $108.00 to $72.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Truist Financial cut their target price on Cytokinetics from $86.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, May 29th. Finally, Raymond James cut their target price on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Cytokinetics has a consensus rating of “Moderate Buy” and an average target price of $76.41.

Cytokinetics Price Performance

The stock has a 50-day moving average of $59.93 and a two-hundred day moving average of $66.08.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates 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 period last year, the firm earned ($1.38) EPS. On average, analysts expect that Cytokinetics, Incorporated will post -4.55 earnings per share for the current fiscal year.

Institutional Trading of Cytokinetics

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Cytokinetics by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after buying an additional 273,565 shares during the last quarter. First Turn Management LLC purchased a new position in Cytokinetics in the 4th quarter worth approximately $67,414,000. Charles Schwab Investment Management Inc. increased its stake in Cytokinetics by 4.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock worth $65,955,000 after purchasing an additional 33,257 shares during the period. Westfield Capital Management Co. LP purchased a new position in Cytokinetics in the 1st quarter worth approximately $51,277,000. Finally, Norges Bank purchased a new position in Cytokinetics in the 4th quarter worth approximately $60,299,000.

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.