Cytokinetics (NASDAQ:CYTK) CEO Sells $575,700.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $76.76, for a total transaction of $575,700.00. Following the completion of the transaction, the chief executive officer owned 377,820 shares in the company, valued at approximately $29,001,463.20. This trade represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK traded up $0.73 during trading on Monday, reaching $77.49. The stock had a trading volume of 2,270,661 shares, compared to its average volume of 2,182,897. Cytokinetics, Incorporated has a 52 week low of $32.89 and a 52 week high of $88.31. The business’s 50-day moving average price is $78.91 and its 200 day moving average price is $70.96. The stock has a market capitalization of $9.64 billion, a PE ratio of -10.73 and a beta of 0.39.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, topping analysts’ consensus estimates of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. During the same quarter last year, the company earned ($1.12) earnings per share. The firm’s revenue was down 57.1% on a year-over-year basis. Analysts forecast that Cytokinetics, Incorporated will post -6.2 EPS for the current year.

Analyst Ratings Changes

CYTK has been the subject of a number of research reports. Stifel Nicolaus raised their target price on Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. UBS Group raised shares of Cytokinetics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $69.00 to $115.00 in a research note on Monday, June 29th. JPMorgan Chase & Co. increased their price target on shares of Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Finally, Citizens Jmp increased their price objective on Cytokinetics from $105.00 to $110.00 and gave the company a “market outperform” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $101.15.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors have recently modified their holdings of CYTK. Great Lakes Advisors LLC acquired a new position in Cytokinetics in the second quarter valued at approximately $1,960,000. Tema ETFs LLC grew its holdings in Cytokinetics by 174.6% during the 2nd quarter. Tema ETFs LLC now owns 22,413 shares of the biopharmaceutical company’s stock worth $1,909,000 after acquiring an additional 14,251 shares during the period. E. Ohman J or Asset Management AB grew its holdings in Cytokinetics by 1.3% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 304,611 shares of the biopharmaceutical company’s stock worth $25,950,000 after acquiring an additional 3,849 shares during the period. Handelsbanken Fonder AB raised its position in shares of Cytokinetics by 63.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock valued at $34,502,000 after acquiring an additional 157,700 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Cytokinetics by 12.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,487 shares of the biopharmaceutical company’s stock valued at $212,000 after acquiring an additional 266 shares during 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.