Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells $550,800.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $73.44, for a total value of $550,800.00. Following the sale, the chief executive officer directly owned 377,820 shares of the company’s stock, valued at approximately $27,747,100.80. This represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Up 0.8%

Shares of NASDAQ CYTK opened at $69.92 on Friday. The stock’s fifty day simple moving average is $76.83 and its 200 day simple moving average is $72.90. The stock has a market capitalization of $8.70 billion, a price-to-earnings ratio of -9.68 and a beta of 0.36. Cytokinetics, Incorporated has a 52-week low of $47.22 and a 52-week high of $88.31.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, beating the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to analysts’ expectations of $17.59 million. The company’s revenue for the quarter was down 57.1% on a year-over-year basis. During the same period in the prior year, the company earned ($1.12) earnings per share. As a group, analysts anticipate that Cytokinetics, Incorporated will post -5.98 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on CYTK shares. Wall Street Zen downgraded shares of Cytokinetics from a “hold” rating to a “sell” rating in a research report on Saturday, August 29th. Mizuho raised their price objective on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Citizens Jmp lifted their price objective on shares of Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a research report on Friday, August 7th. Truist Financial lifted their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research note on Friday, September 11th. Eighteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.37.

Institutional Investors Weigh In On Cytokinetics

Several large investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new stake in Cytokinetics in the second quarter worth approximately $36,000. Rockefeller Capital Management L.P. raised its holdings in shares of Cytokinetics by 842.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock valued at $41,000 after purchasing an additional 573 shares in the last quarter. Clearstead Advisors LLC lifted its stake in shares of Cytokinetics by 97.1% in the 4th quarter. Clearstead Advisors LLC now owns 670 shares of the biopharmaceutical company’s stock valued at $43,000 after purchasing an additional 330 shares during the last quarter. Western Wealth Management LLC bought a new stake in Cytokinetics in the first quarter worth $53,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Cytokinetics by 55.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the biopharmaceutical company’s stock worth $102,000 after purchasing an additional 549 shares in the last quarter.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.