Cytokinetics (NASDAQ:CYTK) CEO Sells 97,926 Shares

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 97,926 shares of the business’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $69.33, for a total value of $6,789,209.58. Following the transaction, the chief executive officer owned 385,320 shares in the company, valued at approximately $26,714,235.60. This trade represents a 20.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Price Performance

Cytokinetics stock traded down $3.14 during midday trading on Tuesday, reaching $69.31. The company’s stock had a trading volume of 2,576,604 shares, compared to its average volume of 2,121,944. The stock’s 50-day simple moving average is $77.79 and its 200-day simple moving average is $72.75. Cytokinetics, Incorporated has a 52-week low of $47.22 and a 52-week high of $88.31. The stock has a market capitalization of $8.62 billion, a P/E ratio of -9.60 and a beta of 0.36.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million during the quarter, compared to analyst estimates of $17.59 million. During the same period in the prior year, the business posted ($1.12) EPS. Cytokinetics’s revenue was down 57.1% compared to the same quarter last year. As a group, equities research analysts expect that Cytokinetics, Incorporated will post -5.98 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CYTK shares. Truist Financial boosted their target price 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. Morgan Stanley raised shares of Cytokinetics from an “overweight” rating to a “buy” rating in a report on Tuesday, September 1st. UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $69.00 to $115.00 in a research note on Monday, June 29th. HC Wainwright reissued a “buy” rating and set a $140.00 price objective on shares of Cytokinetics in a report on Monday, August 31st. Finally, Wall Street Zen lowered shares of Cytokinetics from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Eighteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $103.37.

Institutional Investors Weigh In On Cytokinetics

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank acquired a new position in Cytokinetics in the 4th quarter worth approximately $51,281,000. Siren L.L.C. purchased a new position in Cytokinetics during the 1st quarter worth approximately $40,466,000. Northwestern Mutual Wealth Management Co. lifted its stake in Cytokinetics by 151,987.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock valued at $35,949,000 after acquiring an additional 565,393 shares during the period. ExodusPoint Capital Management LP acquired a new stake in Cytokinetics during the 4th quarter valued at approximately $21,803,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Cytokinetics by 134.3% in the 4th quarter. BNP Paribas Financial Markets now owns 579,862 shares of the biopharmaceutical company’s stock valued at $36,844,000 after acquiring an additional 332,397 shares during the last quarter.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.