Robert Blum Sells 7,500 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $84.92, for a total transaction of $636,900.00. Following the completion of the transaction, the chief executive officer owned 377,830 shares in the company, valued at $32,085,323.60. This trade represents a 1.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Price Performance

CYTK opened at $86.49 on Friday. Cytokinetics, Incorporated has a twelve month low of $32.89 and a twelve month high of $88.31. The company has a fifty day moving average of $74.97 and a 200-day moving average of $67.74. The stock has a market cap of $10.76 billion, a PE ratio of -12.64 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. Cytokinetics’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same period in the prior year, the business earned ($1.36) EPS. Sell-side analysts anticipate that Cytokinetics, Incorporated will post -6.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CYTK has been the subject of several research analyst reports. Truist Financial set a $106.00 price objective on Cytokinetics in a research report on Tuesday, May 5th. Robert W. Baird set a $84.00 target price on Cytokinetics in a research report on Tuesday, March 10th. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $69.00 to $115.00 in a report on Monday. Finally, JPMorgan Chase & Co. boosted their price target on Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $100.00.

Hedge Funds Weigh In On Cytokinetics

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Cytokinetics by 1.6% during the 4th 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 in the last quarter. State Street Corp increased its position in Cytokinetics by 3.7% in the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock valued at $370,139,000 after buying an additional 207,961 shares in the last quarter. Deep Track Capital LP raised its stake in Cytokinetics by 17.8% during the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after buying an additional 650,000 shares during the period. Geode Capital Management LLC raised its stake in Cytokinetics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock worth $194,214,000 after buying an additional 15,815 shares during the period. Finally, Vestal Point Capital LP raised its stake in Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after buying an additional 384,469 shares during the period.

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.