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

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $70.24, for a total value of $526,800.00. Following the transaction, the chief executive officer owned 377,820 shares of the company’s stock, valued at $26,538,076.80. This represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a legal 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

CYTK stock opened at $70.91 on Tuesday. The firm has a fifty day moving average price of $79.95 and a 200 day moving average price of $72.33. Cytokinetics, Incorporated has a fifty-two week low of $35.22 and a fifty-two week 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to analysts’ expectations of $17.59 million. During the same period in the previous year, the company earned ($1.12) EPS. Cytokinetics’s revenue for the quarter was down 57.1% compared to the same quarter last year. On average, equities analysts predict that Cytokinetics, Incorporated will post -6 EPS for the current year.

Institutional Trading of Cytokinetics

Several institutional investors have recently added to or reduced their stakes in CYTK. Millennium Management LLC boosted its position in shares of Cytokinetics by 361.9% during the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock valued at $11,571,000 after buying an additional 225,576 shares during the period. Cetera Investment Advisers raised its holdings in shares of Cytokinetics by 12.4% in the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock worth $219,000 after buying an additional 731 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of 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 acquiring an additional 673 shares during the last quarter. Gabelli Funds LLC lifted its stake in shares of Cytokinetics by 29.4% during the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock worth $278,000 after acquiring an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System boosted its holdings in Cytokinetics by 10.8% during the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock valued at $4,712,000 after acquiring an additional 13,911 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CYTK shares. Needham & Company LLC lifted their price target on Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Barclays upped their price objective on Cytokinetics from $95.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Wall Street Zen lowered Cytokinetics from a “hold” rating to a “sell” rating in a research note on Saturday. Mizuho lifted their target price on Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, June 24th. Finally, Wells Fargo & Company boosted their target price on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Nineteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $102.20.

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.