Insider Selling: Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Sells $1,183,500.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTKGet Free Report) CEO Robert I. Blum sold 22,500 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $52.60, for a total value of $1,183,500.00. Following the completion of the sale, the chief executive officer now owns 416,645 shares of the company’s stock, valued at $21,915,527. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $51.94 on Thursday. The company’s 50-day moving average is $59.02 and its two-hundred day moving average is $66.11. Cytokinetics, Incorporated has a 1-year low of $25.98 and a 1-year high of $110.25. The firm has a market capitalization of $5.45 billion, a price-to-earnings ratio of -9.62 and a beta of 0.74.

Cytokinetics (NASDAQ:CYTKGet Free Report) last released its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The company had revenue of $0.84 million during the quarter, compared to analysts’ expectations of $0.91 million. The business’s revenue was down 81.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.38) EPS. As a group, equities analysts anticipate that Cytokinetics, Incorporated will post -4.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CYTK shares. Mizuho reduced their price objective on shares of Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday, March 6th. Barclays lowered their price objective on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. HC Wainwright reissued a “buy” rating and set a $90.00 target price on shares of Cytokinetics in a report on Monday. JMP Securities lowered their price target on Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating on the stock in a research note on Tuesday, May 28th. Finally, Raymond James reduced their price objective on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.41.

Check Out Our Latest Report on Cytokinetics

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently modified their holdings of the business. Fifth Third Bancorp raised its holdings in Cytokinetics by 94.1% in the 1st quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after buying an additional 318 shares during the period. GAMMA Investing LLC purchased a new stake in shares of Cytokinetics in the 4th quarter valued at approximately $80,000. EntryPoint Capital LLC acquired a new position in shares of Cytokinetics in the 1st quarter worth approximately $74,000. Bessemer Group Inc. boosted its position in shares of Cytokinetics by 25,100.0% during the 1st quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 1,255 shares during the period. Finally, Sage Rhino Capital LLC acquired a new stake in Cytokinetics in the 4th quarter valued at approximately $204,000.

About Cytokinetics

(Get Free Report)

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.

Further Reading

Insider Buying and Selling by Quarter for Cytokinetics (NASDAQ:CYTK)

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