Cytokinetics (NASDAQ:CYTK) Stock: Insider 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 that occurred on Monday, September 28th. The stock was sold at an average price of $65.46, for a total transaction of $490,950.00. Following the completion of the transaction, the chief executive officer owned 278,544 shares in the company, valued at approximately $18,233,490.24. This represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Up 2.3%

CYTK traded up $1.50 during mid-day trading on Monday, hitting $66.16. 2,551,183 shares of the stock were exchanged, compared to its average volume of 2,129,594. The company has a market cap of $8.23 billion, a PE ratio of -9.16 and a beta of 0.36. The firm’s fifty day moving average is $74.99 and its two-hundred day moving average is $73.12. Cytokinetics, Incorporated has a 1-year low of $50.15 and a 1-year high of $88.31.

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

Institutional Investors Weigh In On Cytokinetics

A number of large investors have recently added to or reduced their stakes in CYTK. Geode Capital Management LLC lifted its holdings in shares of Cytokinetics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after purchasing an additional 15,815 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Cytokinetics by 11.9% during the first quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company’s stock worth $72,072,000 after buying an additional 116,593 shares in the last quarter. Frazier Life Sciences Management L.P. boosted its position in Cytokinetics by 5.0% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 934,642 shares of the biopharmaceutical company’s stock worth $59,387,000 after acquiring an additional 44,197 shares during the last quarter. Norges Bank purchased a new stake in Cytokinetics in the 4th quarter worth approximately $51,281,000. Finally, ADAR1 Capital Management LLC raised its holdings in Cytokinetics by 17.1% in the 1st quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company’s stock valued at $41,692,000 after acquiring an additional 92,390 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Royal Bank Of Canada decreased their price target on Cytokinetics from $117.00 to $112.00 and set an “outperform” rating for the company in a report on Friday, August 7th. Mizuho upped their target price on Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, June 24th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research report on Friday, September 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research note on Friday, July 17th. Finally, HC Wainwright reissued a “buy” rating and issued a $140.00 target price on shares of Cytokinetics in a report on Monday, August 31st. Eighteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $103.37.

About Cytokinetics

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.