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

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $70.46, for a total transaction of $528,450.00. Following the sale, the chief executive officer directly owned 385,330 shares in the company, valued at $27,150,351.80. This trade represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Price Performance

CYTK opened at $75.21 on Wednesday. Cytokinetics, Incorporated has a one year low of $31.99 and a one year high of $80.20. The company’s 50 day simple moving average is $70.67 and its 200-day simple moving average is $66.13. The stock has a market capitalization of $9.36 billion, a P/E ratio of -11.00 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. Cytokinetics’s revenue was up 1112.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.36) earnings per share. As a group, analysts anticipate that Cytokinetics, Incorporated will post -6.29 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on CYTK. UBS Group set a $119.00 price objective on shares of Cytokinetics in a report on Wednesday, May 6th. Morgan Stanley raised their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Citizens Jmp raised their price objective on shares of Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 25th. Bank of America restated a “neutral” rating on shares of Cytokinetics in a report on Wednesday, February 25th. Finally, Leerink Partners restated an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Institutional Investors Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kemnay Advisory Services Inc. acquired a new stake in Cytokinetics in the 4th quarter valued at $27,000. Kestra Advisory Services LLC acquired a new position in shares of Cytokinetics during the 4th quarter worth about $29,000. TD Waterhouse Canada Inc. acquired a new position in shares of Cytokinetics during the 4th quarter worth about $32,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after purchasing an additional 171 shares during the last quarter. Finally, Quarry LP acquired a new position in shares of Cytokinetics during the 3rd quarter worth about $30,000.

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.