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 company’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $82.02, for a total value of $615,150.00. Following the transaction, the chief executive officer owned 377,820 shares of the company’s stock, valued at approximately $30,988,796.40. This trade represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Down 0.4%

CYTK opened at $81.93 on Wednesday. The business has a 50 day moving average of $77.71 and a 200-day moving average of $68.85. The stock has a market capitalization of $10.19 billion, a price-to-earnings ratio of -11.98 and a beta of 0.42. Cytokinetics, Incorporated has a 1-year low of $32.89 and a 1-year high of $88.31.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. The company’s revenue was up 1112.5% compared to the same quarter last year. During the same period last year, the firm posted ($1.36) EPS. Equities analysts predict that Cytokinetics, Incorporated will post -6.22 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Cytokinetics by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after purchasing an additional 191,336 shares during the last quarter. Hudson Bay Capital Management LP raised its holdings in shares of Cytokinetics by 15.4% in the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock valued at $10,010,000 after buying an additional 24,345 shares during the last quarter. Cinctive Capital Management LP acquired a new position in Cytokinetics during the 3rd quarter worth about $5,806,000. Foresite Capital Management IV LLC acquired a new position in Cytokinetics during the 3rd quarter worth about $25,188,000. Finally, HighVista Strategies LLC lifted its position in Cytokinetics by 93.6% during the 3rd quarter. HighVista Strategies LLC now owns 132,930 shares of the biopharmaceutical company’s stock worth $7,306,000 after buying an additional 64,278 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. HC Wainwright upped their price objective on shares of Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Royal Bank Of Canada decreased their target price on Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 7th. Morgan Stanley boosted their price target on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Wells Fargo & Company upped their price target on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Barclays raised their price objective on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $99.90.

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.