Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells $471,600.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the firm’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $62.88, for a total value of $471,600.00. Following the completion of the sale, the chief executive officer directly owned 278,544 shares of the company’s stock, valued at approximately $17,514,846.72. This represents a 2.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $63.92 on Friday. Cytokinetics, Incorporated has a fifty-two week low of $54.30 and a fifty-two week high of $88.31. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of -8.85 and a beta of 0.41. The stock’s 50-day simple moving average is $70.48 and its 200-day simple moving average is $73.28.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. The business’s revenue was down 57.1% compared to the same quarter last year. During the same quarter last year, the company earned ($1.12) EPS. As a group, equities analysts forecast that Cytokinetics, Incorporated will post -5.98 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a research note on Monday. HC Wainwright reiterated a “buy” rating and set a $140.00 price objective on shares of Cytokinetics in a research note on Monday, August 31st. Needham & Company LLC lifted their price objective on shares of Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. William Blair initiated coverage on shares of Cytokinetics in a report on Friday. They set an “outperform” rating on the stock. Finally, Royal Bank Of Canada upped their target price on Cytokinetics from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Thursday, October 8th. Nineteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $105.44.

Institutional Investors Weigh In On Cytokinetics

A number of large investors have recently bought and sold shares of CYTK. V Square Quantitative Management LLC raised its position in Cytokinetics by 71.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock worth $30,000 after buying an additional 191 shares during the last quarter. GAMMA Investing LLC lifted its stake in Cytokinetics by 8.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,700 shares of the biopharmaceutical company’s stock valued at $178,000 after acquiring an additional 213 shares during the period. Strs Ohio lifted its stake in Cytokinetics by 2.4% during the 1st quarter. Strs Ohio now owns 12,600 shares of the biopharmaceutical company’s stock valued at $830,000 after acquiring an additional 300 shares during the period. AlphaCentric Advisors LLC lifted its stake in Cytokinetics by 5.7% during the 1st quarter. AlphaCentric Advisors LLC now owns 5,616 shares of the biopharmaceutical company’s stock valued at $370,000 after acquiring an additional 305 shares during the period. Finally, Abel Hall LLC boosted its holdings in shares of Cytokinetics by 10.5% in the 1st quarter. Abel Hall LLC now owns 4,050 shares of the biopharmaceutical company’s stock valued at $267,000 after acquiring an additional 384 shares during the last quarter.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.

Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.