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 dated Monday, August 31st. The stock was sold at an average price of $70.24, for a total transaction of $526,800.00. Following the transaction, the chief executive officer owned 377,820 shares in the company, valued at $26,538,076.80. The trade was a 1.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Price Performance

Shares of CYTK stock traded down $1.18 during midday trading on Monday, reaching $70.91. 3,016,602 shares of the company traded hands, compared to its average volume of 2,147,846. The firm’s 50 day simple moving average is $80.12 and its two-hundred day simple moving average is $72.29. Cytokinetics, Incorporated has a 1-year low of $35.22 and a 1-year high of $88.31. The firm has a market cap of $8.82 billion, a PE ratio of -9.82 and a beta of 0.39.

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

Institutional Investors Weigh In On Cytokinetics

Several hedge funds have recently modified their holdings of the company. California State Teachers Retirement System grew its stake in Cytokinetics by 7,880.8% in the 2nd quarter. California State Teachers Retirement System now owns 10,901,679 shares of the biopharmaceutical company’s stock worth $928,714,000 after acquiring an additional 10,765,080 shares during the period. Woodline Partners LP boosted its holdings in shares of Cytokinetics by 676.1% during the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock worth $90,559,000 after purchasing an additional 1,435,422 shares during the last quarter. Norges Bank acquired a new position in Cytokinetics in the fourth quarter valued at $51,281,000. Deep Track Capital LP lifted its position in Cytokinetics by 17.8% during the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after buying an additional 650,000 shares during the period. Finally, Siren L.L.C. purchased a new position in Cytokinetics during the first quarter worth about $40,466,000.

Analyst Ratings Changes

CYTK has been the subject of a number of research analyst reports. Wells Fargo & Company raised their price target on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Mizuho boosted their price objective on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 24th. Truist Financial increased their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Citigroup restated a “market outperform” rating on shares of Cytokinetics in a report on Friday, August 7th. Finally, Stifel Nicolaus raised their target price on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Nineteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $102.20.

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.