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

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $84.92, for a total transaction of $636,900.00. Following the completion of the sale, the chief executive officer directly owned 377,830 shares in the company, valued at approximately $32,085,323.60. The trade was a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Up 1.4%

CYTK traded up $1.23 during midday trading on Thursday, hitting $86.49. 2,022,530 shares of the company were exchanged, compared to its average volume of 2,243,849. The company’s 50 day simple moving average is $74.15 and its 200 day simple moving average is $67.45. The firm has a market capitalization of $10.76 billion, a price-to-earnings ratio of -12.64 and a beta of 0.42. Cytokinetics, Incorporated has a 1-year low of $32.89 and a 1-year high of $88.31.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. During the same period last year, the firm earned ($1.36) EPS. The business’s quarterly revenue was up 1112.5% compared to the same quarter last year. On average, equities analysts anticipate that Cytokinetics, Incorporated will post -6.26 EPS for the current year.

Institutional Trading of Cytokinetics

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after acquiring an additional 191,336 shares during the last quarter. Hudson Bay Capital Management LP grew its holdings in shares of Cytokinetics by 15.4% in the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock valued at $10,010,000 after purchasing an additional 24,345 shares during the period. Knott David M Jr purchased a new stake in shares of Cytokinetics in the third quarter valued at about $1,649,000. Cinctive Capital Management LP acquired a new stake in Cytokinetics during the third quarter worth about $5,806,000. Finally, Boxer Capital Management LLC acquired a new stake in Cytokinetics during the third quarter worth about $10,992,000.

Analyst Ratings Changes

Several equities research analysts have commented on CYTK shares. UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $69.00 to $115.00 in a research report on Monday. HC Wainwright boosted their target price on shares of Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Robert W. Baird set a $84.00 target price on shares of Cytokinetics in a research note on Tuesday, March 10th. Wall Street Zen raised shares of Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Stifel Nicolaus raised their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $100.00.

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.