Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells $471,075.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $62.81, for a total transaction of $471,075.00. Following the sale, the chief executive officer owned 278,544 shares in the company, valued at $17,495,348.64. This represents a 2.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $63.60 on Thursday. The company’s 50 day simple moving average is $66.63 and its 200 day simple moving average is $70.05. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of -8.81 and a beta of 0.45. Cytokinetics, Incorporated has a 1 year low of $58.05 and a 1 year high of $88.31.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) earnings per share for the quarter, topping the consensus estimate of ($1.43) by $0.06. The business had revenue of $47.56 million for the quarter, compared to the consensus estimate of $41.88 million. The firm’s revenue for the quarter was up 2356.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($2.55) earnings per share. As a group, analysts anticipate that Cytokinetics, Incorporated will post -5.97 EPS for the current fiscal year.

Cytokinetics News Summary

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Cytokinetics reported a third-quarter loss of $1.37 per share, better than analysts’ expected loss of $1.44, and revenue of $47.56 million versus estimates of $41.88 million. Revenue rose 2,356.5% year over year, and the per-share loss narrowed from $2.55 in the year-ago quarter. Earnings report
• Neutral Sentiment: CEO Robert Blum and EVP Fady Malik sold shares under pre-arranged Rule 10b5-1 trading plans. The sales totaled 7,500 and 3,500 shares, respectively; both executives retained substantial holdings, which may reduce the significance of the transactions. Insider sale report

Institutional Trading of Cytokinetics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC grew its holdings in shares of Cytokinetics by 3.8% during the third quarter. Commonwealth Equity Services LLC now owns 4,925 shares of the biopharmaceutical company’s stock worth $325,000 after purchasing an additional 179 shares during the last quarter. V Square Quantitative Management LLC increased its stake in shares of Cytokinetics by 71.5% in the third quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock valued at $30,000 after buying an additional 191 shares during the period. GAMMA Investing LLC raised its holdings in Cytokinetics by 8.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,700 shares of the biopharmaceutical company’s stock valued at $178,000 after buying an additional 213 shares during the last quarter. AlphaCentric Advisors LLC raised its holdings in Cytokinetics by 4.1% in the 3rd quarter. AlphaCentric Advisors LLC now owns 5,933 shares of the biopharmaceutical company’s stock valued at $391,000 after buying an additional 236 shares during the last quarter. Finally, Strs Ohio raised its holdings in Cytokinetics by 2.4% in the 1st quarter. Strs Ohio now owns 12,600 shares of the biopharmaceutical company’s stock valued at $830,000 after buying an additional 300 shares during the last quarter.

Analyst Ratings Changes

Several analysts recently weighed in on the company. UBS Group restated a “buy” rating and set a $104.00 price objective on shares of Cytokinetics in a research report on Wednesday, October 14th. Citizens Jmp raised their price objective on Cytokinetics from $105.00 to $110.00 and gave the company a “market outperform” rating in a research note on Friday, August 7th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research report on Friday, September 11th. JPMorgan Chase & Co. boosted their target price on Cytokinetics from $97.00 to $103.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research note on Thursday, October 15th. Nineteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and a consensus target price of $105.44.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.