Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells 7,931 Shares of Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,931 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $60.72, for a total transaction of $481,570.32. Following the transaction, the chief executive officer owned 391,673 shares in the company, valued at approximately $23,782,384.56. This represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Cytokinetics Trading Up 2.9%

Shares of NASDAQ:CYTK traded up $1.78 on Tuesday, reaching $64.20. The company had a trading volume of 2,114,509 shares, compared to its average volume of 1,900,180. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $70.98. The firm’s 50 day simple moving average is $63.96 and its 200-day simple moving average is $59.89.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The company had revenue of $17.76 million during the quarter, compared to analysts’ expectations of $8.02 million. During the same period in the prior year, the business earned ($1.26) EPS. Cytokinetics’s revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently made changes to their positions in CYTK. Kemnay Advisory Services Inc. purchased a new position in Cytokinetics in the fourth quarter valued at $27,000. Kestra Advisory Services LLC acquired a new stake in Cytokinetics in the 4th quarter valued at $29,000. TD Waterhouse Canada Inc. acquired a new position in Cytokinetics during the fourth quarter worth $32,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after purchasing an additional 171 shares during the period. Finally, Quarry LP acquired a new position in shares of Cytokinetics during the 3rd quarter worth about $30,000.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CYTK shares. The Goldman Sachs Group set a $95.00 target price on Cytokinetics and gave the company a “buy” rating in a research report on Thursday, December 18th. Barclays began coverage on shares of Cytokinetics in a report on Wednesday, January 28th. They set an “overweight” rating and a $87.00 price objective on the stock. B. Riley Financial lifted their target price on shares of Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, January 21st. Jefferies Financial Group reaffirmed a “buy” rating and issued a $90.00 price target on shares of Cytokinetics in a report on Friday, January 9th. Finally, HC Wainwright upped their target price on Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. Seventeen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $89.00.

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.