Cytokinetics (NASDAQ:CYTK) CEO Sells $579,075.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $77.21, for a total value of $579,075.00. Following the completion of the sale, the chief executive officer directly owned 392,830 shares of the company’s stock, valued at $30,330,404.30. The trade was a 1.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Down 0.1%

NASDAQ CYTK opened at $76.76 on Friday. Cytokinetics, Incorporated has a twelve month low of $30.02 and a twelve month high of $80.20. The firm has a market capitalization of $9.55 billion, a PE ratio of -11.22 and a beta of 0.38. The stock’s 50 day moving average is $68.95 and its 200 day moving average is $65.72.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. During the same quarter in the prior year, the firm earned ($1.36) earnings per share. The company’s revenue for the quarter was up 1112.5% compared to the same quarter last year. On average, research analysts anticipate that Cytokinetics, Incorporated will post -6.27 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CYTK shares. HC Wainwright boosted their target price on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Mizuho boosted their target price on Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, March 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Truist Financial set a $106.00 target price on Cytokinetics in a report on Tuesday, May 5th. Finally, Barclays boosted their target price on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Institutional Trading of Cytokinetics

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its position in Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new stake in Cytokinetics during the fourth quarter valued at $27,000. Kestra Advisory Services LLC purchased a new stake in Cytokinetics during the fourth quarter valued at $29,000. Quarry LP purchased a new stake in Cytokinetics during the third quarter valued at $30,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in Cytokinetics during the fourth quarter valued at $32,000.

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.