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Recent Insider Activity Could Benefit Cytokinetics Inc (CYTK)

In a filing, Cytokinetics Inc revealed its Director Bhanji Muna unloaded Company’s shares for reported $0.1 million on Jun 10 ’24. In the deal valued at $52.07 per share,2,000 shares were sold. As a result of this transaction, Bhanji Muna now holds 17,631 shares worth roughly $0.95 million.

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Then, Blum Robert I sold 22,500 shares, generating $1,099,125 in total proceeds. Upon selling the shares at $48.85, the President & CEO now owns 439,145 shares.

Before that, Wong Robert sold 13,011 shares. Cytokinetics Inc shares valued at $635,978 were divested by the VP, Chief Accounting Officer at a price of $48.88 per share. As a result of the transaction, Wong Robert now holds 16,653 shares, worth roughly $0.9 million.

UBS downgraded its Cytokinetics Inc [CYTK] rating to a Neutral from a a Buy in a research note published on January 24, 2024; the price target was increased to $92 from $61. A number of analysts have revised their coverage, including Morgan Stanley’s analysts, who decreased its forecast for the stock in early January from “an Overweight” to “an Equal-weight”. Goldman began covering CYTK with “Buy” recommendation on November 09, 2023. B. Riley Securities started covering the stock on November 07, 2023. It rated CYTK as “a Buy”.

Price Performance Review of CYTK

On Monday, Cytokinetics Inc [NASDAQ:CYTK] saw its stock jump 2.60% to $54.16. Over the last five days, the stock has gained 8.60%. Cytokinetics Inc shares have fallen nearly -35.13% since the year began. Nevertheless, the stocks have risen 42.30% over the past one year. While a 52-week high of $110.25 was reached on 01/08/24, a 52-week low of $25.98 was recorded on 05/28/24. SMA at 50 days reached $62.24, while 200 days put it at $54.93. A total of 2.23 million shares were traded, compared to the trading of 3.02 million shares in the previous session.

Levels Of Support And Resistance For CYTK Stock

The 24-hour chart illustrates a support level at 52.30, which if violated will result in even more drops to 50.43. On the upside, there is a resistance level at 55.24. A further resistance level may holdings at 56.31. The Relative Strength Index (RSI) on the 14-day chart is 46.03, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.47, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 46.26%. Stochastics %K at 45.57% indicates the stock is a holding.

The most recent change occurred on August 15, 2023 when SVB Securities began covering the stock and recommended ‘”an Outperform”‘ rating along with a $58 price target.

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