Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells $575,700.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $76.76, for a total transaction of $575,700.00. Following the sale, the chief executive officer directly owned 377,820 shares of the company’s stock, valued at approximately $29,001,463.20. This trade represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Price Performance

Shares of NASDAQ CYTK opened at $75.64 on Thursday. The company’s 50 day simple moving average is $79.19 and its 200 day simple moving average is $71.22. Cytokinetics, Incorporated has a fifty-two week low of $34.60 and a fifty-two week high of $88.31. The firm has a market capitalization of $9.41 billion, a P/E ratio of -10.48 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, topping analysts’ consensus estimates of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. During the same period in the prior year, the firm posted ($1.12) EPS. Cytokinetics’s revenue was down 57.1% on a year-over-year basis. Sell-side analysts expect that Cytokinetics, Incorporated will post -6.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC raised its position in Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in Cytokinetics in the fourth quarter valued at about $27,000. Kestra Advisory Services LLC bought a new position in Cytokinetics in the 4th quarter valued at approximately $29,000. Quarry LP acquired a new stake in Cytokinetics during the 3rd quarter worth approximately $30,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in Cytokinetics during the 4th quarter worth approximately $32,000.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Royal Bank Of Canada decreased their price objective on shares of Cytokinetics from $117.00 to $112.00 and set an “outperform” rating for the company in a report on Friday, August 7th. Stifel Nicolaus lifted their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Wells Fargo & Company boosted their price target on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Finally, Citizens Jmp raised their target price on shares of Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $101.15.

About Cytokinetics

Cytokinetics, Inc is a late?stage biopharmaceutical company focused on the discovery and development of novel small?molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.