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

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of Cytokinetics stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $59.62, for a total value of $447,150.00. Following the transaction, the chief executive officer owned 407,830 shares of the company’s stock, valued at $24,314,824.60. This trade represents a 1.81% decrease in their position. 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 $59.58 on Thursday. The company has a market capitalization of $7.40 billion, a P/E ratio of -9.12 and a beta of 0.47. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $70.98. The business has a 50-day simple moving average of $63.89 and a two-hundred day simple moving average of $63.48.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The business had revenue of $17.76 million during the quarter, compared to analyst estimates of $8.02 million. The business’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the business earned ($1.26) EPS. As a group, sell-side analysts forecast that Cytokinetics, Incorporated will post -6.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its stake in shares of 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 buying an additional 673 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Cytokinetics in the 4th quarter worth approximately $27,000. Kestra Advisory Services LLC purchased a new position in shares of Cytokinetics in the 4th quarter worth approximately $29,000. Quarry LP purchased a new position in shares of Cytokinetics in the 3rd quarter worth approximately $30,000. Finally, TD Waterhouse Canada Inc. purchased a new position in shares of Cytokinetics in the 4th quarter worth approximately $32,000.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CYTK shares. Mizuho lifted their price target on Cytokinetics from $84.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, March 18th. Robert W. Baird set a $84.00 price target on Cytokinetics in a research note on Tuesday, March 10th. Jefferies Financial Group reiterated a “buy” rating and set a $90.00 price target on shares of Cytokinetics in a research note on Friday, January 9th. JPMorgan Chase & Co. lifted their price target on Cytokinetics from $74.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, March 17th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $90.55.

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.