Robert Blum Sells 7,500 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $80.87, for a total transaction of $606,525.00. Following the completion of the sale, the chief executive officer directly owned 377,820 shares in the company, valued at approximately $30,554,303.40. The trade was a 1.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Down 1.3%

Shares of Cytokinetics stock opened at $78.39 on Thursday. The stock has a market capitalization of $9.75 billion, a P/E ratio of -11.46 and a beta of 0.42. The company has a 50-day simple moving average of $78.70 and a 200 day simple moving average of $70.21. Cytokinetics, Incorporated has a 12-month low of $32.89 and a 12-month high of $88.31.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. Cytokinetics’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same quarter last year, the firm earned ($1.36) earnings per share. On average, equities analysts anticipate that Cytokinetics, Incorporated will post -6.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CYTK. Citigroup initiated coverage on Cytokinetics in a report on Monday, May 18th. They issued a “buy” rating and a $99.00 target price on the stock. HC Wainwright lifted their price objective on Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, May 11th. UBS Group raised Cytokinetics from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $69.00 to $115.00 in a research note on Monday, June 29th. Barclays increased 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. Finally, Truist Financial set a $106.00 target price on Cytokinetics in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned 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.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $99.90.

Institutional Trading of Cytokinetics

A number of hedge funds and other institutional investors have recently modified their holdings of CYTK. EverSource Wealth Advisors LLC raised its position in Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in Cytokinetics in the 4th quarter valued at $27,000. Kestra Advisory Services LLC bought a new position in Cytokinetics in the 4th quarter valued at $29,000. Quarry LP bought a new position in Cytokinetics in the 3rd quarter valued at $30,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in shares of Cytokinetics in the 4th quarter valued at $32,000.

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.