Edward Md Kaye Sells Over $1.8 Million in Cytokinetics Shares
Edward Md Kaye, a director at Cytokinetics, Incorporated (NASDAQ:CYTK), has sold 28,064 shares of the company’s stock in a transaction valued at approximately $1.87 million. This sale took place on December 1, 2023, with the shares being sold at an average price of $66.72 each. Following this transaction, Kaye retains 9,977 shares of Cytokinetics, now worth around $665,665.44. This sale marks a significant reduction in his ownership, representing a 73.77% decline in his stake.
The details of this transaction were made public through a filing with the Securities and Exchange Commission, which can be accessed via the SEC’s website.
Cytokinetics Stock Performance
On the day following the sale, shares of Cytokinetics opened at $65.23. The company’s stock has experienced notable fluctuations over the past year, with a 52-week low of $29.31 and a high of $69.33. Currently, Cytokinetics holds a market capitalization of $7.98 billion and has a price-to-earnings (P/E) ratio of -12.74, along with a beta of 0.58.
In its latest earnings report, issued on November 5, 2023, Cytokinetics posted an earnings per share (EPS) of ($1.54), exceeding analysts’ expectations of ($1.59) by $0.05. Despite this positive surprise, the company reported revenues of $1.94 million, significantly below the consensus estimate of $6.05 million. Year-over-year, the company’s revenue has increased by 318.1%, though the EPS indicates ongoing financial challenges.
Analyst Perspectives
Cytokinetics has captured the attention of various equity analysts, with several recent evaluations indicating an optimistic outlook. Citigroup has raised its target price for the company from $77.00 to $84.00, assigning a “buy” rating in a report released on September 2, 2023. Barclays also increased its target from $71.00 to $82.00, while maintaining an “overweight” rating.
Conversely, Wall Street Zen downgraded Cytokinetics from a “hold” to a “sell” rating in a note dated November 8, 2023. Overall, thirteen analysts have rated the stock as a buy, three have assigned a hold rating, and one has issued a sell rating, leading to a consensus rating of “Moderate Buy” with an average target price of $79.29 according to MarketBeat.com.
Cytokinetics focuses on developing innovative muscle activators and inhibitors aimed at treating debilitating diseases. The company is dedicated to advancing small molecule drug candidates specifically designed to enhance muscle function and contractility. As it continues to navigate the complexities of the biopharmaceutical landscape, investors and analysts alike will be keenly watching its financial and operational developments.
