Cytokinetics director Robert Harrington sells shares worth $17,743

Robert Harrington, a director at Cytokinetics Inc. (NASDAQ:CYTK), recently sold shares of the company, according to a filing with the Securities and Exchange Commission. On April 3, Harrington sold 450 shares of Cytokinetics common stock at an average price of $39.43 per share, totaling $17,743. Following this transaction, Harrington holds 14,658 shares in the company. The sale was conducted under a pre-established trading plan, as indicated in the filing.The transaction comes as Cytokinetics, with a market capitalization of $4.46 billion, trades near its 52-week low of $37.46. Despite this, the company maintains strong liquidity with a current ratio of 6.17 and has delivered impressive revenue growth of 145% in the last twelve months. InvestingPro analysis shows analyst price targets ranging from $47 to $120, suggesting potential upside. For deeper insights into CYTK’s valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

In other recent news, Cytokinetics has received attention for its advancements in hypertrophic cardiomyopathy (HCM) treatments, particularly with its drug aficamten. H.C. Wainwright reaffirmed a Buy rating on Cytokinetics, maintaining a $120 price target, following promising Phase 2 trial results of EDG-7500™, another HCM treatment. The trial showed significant improvements in cardiac stress indicators and quality of life for patients. Meanwhile, Cantor Fitzgerald reiterated its Overweight rating, emphasizing the potential of Afi™ as a leading treatment in its class, and highlighted upcoming studies like the MAPLE and ACACIA-HCM as pivotal for the company.

JMP Securities also maintained a Market Outperform rating with a $78 price target, noting the encouraging results from Edgewise Therapeutics’ Phase 2 trial of EDG-7500, despite some safety concerns. Raymond (NSE:RYMD) James kept an Outperform rating with an $81 target, citing mixed results from Edgewise’s CIRRUS-HCM study but viewing the situation positively for Cytokinetics. Morgan Stanley (NYSE:MS) maintained an Overweight rating with a $67 price target, pointing out aficamten’s differentiated safety profile compared to Edgewise’s treatment, which could benefit Cytokinetics in the competitive market.

RBC analyst Leonid Timashev provided a nuanced perspective, acknowledging strong efficacy data from Edgewise but expressing concerns about atrial fibrillation risks. Despite this, Timashev favors Cytokinetics, expecting it to leverage a more convenient profile for aficamten to drive significant sales. These developments highlight the competitive landscape and investor interest in Cytokinetics’ ongoing efforts to enhance its cardiomyopathy treatment portfolio.

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