Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells $584,400.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $77.92, for a total value of $584,400.00. Following the transaction, the chief executive officer owned 400,330 shares in the company, valued at $31,193,713.60. The trade was a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Down 3.5%

CYTK opened at $75.85 on Friday. The stock’s fifty day moving average is $65.93 and its two-hundred day moving average is $64.60. The company has a market capitalization of $9.44 billion, a P/E ratio of -11.09 and a beta of 0.38. Cytokinetics, Incorporated has a 52 week low of $29.75 and a 52 week high of $80.20.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its stake in Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 673 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in Cytokinetics during the 4th quarter worth $27,000. Kestra Advisory Services LLC purchased a new position in Cytokinetics during the 4th quarter worth $29,000. Quarry LP purchased a new position in Cytokinetics during the 3rd quarter worth $30,000. Finally, TD Waterhouse Canada Inc. purchased a new position in Cytokinetics during the 4th quarter worth $32,000.

Analyst Ratings Changes

CYTK has been the topic of a number of analyst reports. Robert W. Baird set a $84.00 price target on Cytokinetics in a report on Tuesday, March 10th. JPMorgan Chase & Co. lifted their price target on Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. HC Wainwright lifted their price target on Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a report on Monday, May 11th. Mizuho lifted their price target on Cytokinetics from $84.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, March 18th. Finally, UBS Group set a $119.00 price target on Cytokinetics in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and a consensus target price of $98.55.

About Cytokinetics

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.