Cytokinetics (NASDAQ:CYTK) CEO Robert Blum Sells 7,500 Shares

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of Cytokinetics stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $59.62, for a total value of $447,150.00. Following the completion of the transaction, the chief executive officer owned 407,830 shares of the company’s stock, valued at approximately $24,314,824.60. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Down 1.8%

CYTK stock traded down $1.11 during midday trading on Wednesday, reaching $59.58. The company had a trading volume of 2,352,705 shares, compared to its average volume of 1,847,378. The stock has a 50 day moving average price of $64.04 and a 200 day moving average price of $63.51. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $70.98. The firm has a market capitalization of $7.40 billion, a PE ratio of -9.12 and a beta of 0.47.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The business had revenue of $17.76 million during the quarter, compared to the consensus estimate of $8.02 million. During the same period in the prior year, the firm posted ($1.26) EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. Research analysts predict that Cytokinetics, Incorporated will post -6.22 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the company. B. Riley Financial lifted their target price on Cytokinetics from $90.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Morgan Stanley set a $90.00 target price on Cytokinetics in a research note on Thursday, January 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a research note on Monday, April 20th. Royal Bank Of Canada lifted their target price on Cytokinetics from $95.00 to $101.00 and gave the company an “outperform” rating in a research note on Friday, February 20th. Finally, Robert W. Baird set a $84.00 target price on Cytokinetics in a research note on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $90.55.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently made changes to their positions in CYTK. Millennium Management LLC boosted its position in shares of Cytokinetics by 361.9% during the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after buying an additional 225,576 shares during the period. Cetera Investment Advisers boosted its position in shares of Cytokinetics by 12.4% during the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock worth $219,000 after buying an additional 731 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 673 shares during the period. Gabelli Funds LLC boosted its position in shares of Cytokinetics by 29.4% during the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock worth $278,000 after buying an additional 1,910 shares during the period. Finally, California Public Employees Retirement System boosted its position in shares of Cytokinetics by 10.8% during the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock worth $4,712,000 after buying an additional 13,911 shares during the period.

Cytokinetics Company Profile

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.