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 that occurred on Wednesday, July 1st. The shares were sold at an average price of $84.92, for a total transaction of $636,900.00. Following the completion of the transaction, the chief executive officer owned 377,830 shares of the company’s stock, valued at $32,085,323.60. This trade represents a 1.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Up 1.4%

Shares of CYTK opened at $86.49 on Friday. Cytokinetics, Incorporated has a fifty-two week low of $32.89 and a fifty-two week high of $88.31. The firm’s 50 day moving average price is $74.56 and its 200 day moving average price is $67.61. The company has a market cap of $10.76 billion, a P/E ratio of -12.64 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. The business’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same period in the prior year, the business earned ($1.36) EPS. Research analysts forecast that Cytokinetics, Incorporated will post -6.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CYTK. UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and lifted their target price for the company from $69.00 to $115.00 in a report on Monday. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Wells Fargo & Company lifted their price objective on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. HC Wainwright raised their target price on shares of Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a report on Monday, May 11th. Finally, Stifel Nicolaus lifted their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CYTK. Vanguard Group Inc. increased its holdings in shares of Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after acquiring an additional 191,336 shares during the last quarter. State Street Corp lifted its stake in Cytokinetics by 3.7% during the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock worth $370,139,000 after purchasing an additional 207,961 shares during the last quarter. Deep Track Capital LP boosted its holdings in Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after purchasing an additional 650,000 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Cytokinetics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after purchasing an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP increased its stake in Cytokinetics by 14.8% in the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after purchasing an additional 384,469 shares during the last quarter.

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.