Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells 7,500 Shares

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $70.24, for a total value of $526,800.00. Following the completion of the sale, the chief executive officer directly owned 377,820 shares of the company’s stock, valued at approximately $26,538,076.80. This trade represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Down 1.6%

CYTK traded down $1.18 during trading on Monday, hitting $70.91. 3,016,602 shares of the stock were exchanged, compared to its average volume of 2,147,846. Cytokinetics, Incorporated has a 1-year low of $35.22 and a 1-year high of $88.31. The stock has a fifty day moving average price of $80.12 and a two-hundred day moving average price of $72.29. The firm has a market capitalization of $8.82 billion, a P/E ratio of -9.82 and a beta of 0.39.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.63) by $0.13. The firm had revenue of $28.62 million during the quarter, compared to analyst estimates of $17.59 million. Cytokinetics’s revenue was down 57.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.12) earnings per share. Analysts predict that Cytokinetics, Incorporated will post -6 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their target price on Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $69.00 to $115.00 in a research report on Monday, June 29th. Truist Financial upped their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Needham & Company LLC lifted their target price on shares of Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, August 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research note on Friday, July 17th. Nineteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and an average target price of $102.20.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CYTK. Millennium Management LLC raised its position in Cytokinetics by 361.9% in the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after acquiring an additional 225,576 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Cytokinetics by 12.4% during the 2nd quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock worth $219,000 after purchasing an additional 731 shares in the last quarter. EverSource Wealth Advisors LLC grew 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 purchasing an additional 673 shares during the period. Gabelli Funds LLC grew 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 purchasing an additional 1,910 shares during the period. Finally, California Public Employees Retirement System increased its holdings in shares of Cytokinetics by 10.8% in 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 purchasing an additional 13,911 shares in the last quarter.

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.