Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells $447,150.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $59.62, for a total transaction of $447,150.00. Following the transaction, the chief executive officer owned 407,830 shares in the company, valued at approximately $24,314,824.60. This trade represents a 1.81% decrease in their position. The sale was disclosed in a document filed 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 Trading Down 1.0%

Shares of CYTK stock opened at $63.35 on Friday. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $70.98. The stock has a market capitalization of $7.87 billion, a P/E ratio of -9.70 and a beta of 0.38. The firm’s 50 day moving average is $63.81 and its 200 day moving average is $63.49.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The business had revenue of $17.76 million for the quarter, compared to analyst estimates of $8.02 million. The company’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted ($1.26) EPS. As a group, equities analysts predict that Cytokinetics, Incorporated will post -6.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

CYTK has been the topic of a number of recent research reports. Royal Bank Of Canada increased their target price on Cytokinetics from $95.00 to $101.00 and gave the company an “outperform” rating in a report on Friday, February 20th. Truist Financial boosted their price target on Cytokinetics from $84.00 to $92.00 and gave the company a “buy” rating in a research note on Tuesday, February 3rd. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Barclays raised their price objective on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. Finally, UBS Group boosted their target price on shares of Cytokinetics from $61.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, March 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $90.55.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can increased its holdings in Cytokinetics by 1.2% in the 4th quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock worth $845,000 after acquiring an additional 160 shares in the last quarter. Kennedy Capital Management LLC lifted its holdings in Cytokinetics by 1.2% during the fourth quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock valued at $838,000 after purchasing an additional 162 shares in the last quarter. UMB Bank n.a. lifted its holdings in Cytokinetics by 10.6% during the third quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock valued at $97,000 after purchasing an additional 169 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after purchasing an additional 171 shares during the period. Finally, Vident Advisory LLC boosted its position in shares of Cytokinetics by 1.4% in the fourth quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock worth $1,046,000 after purchasing an additional 234 shares during the period.

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.