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

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of Cytokinetics stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $77.21, for a total value of $579,075.00. Following the completion of the sale, the chief executive officer directly owned 392,830 shares in the company, valued at $30,330,404.30. This trade represents a 1.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Price Performance

Shares of CYTK stock traded down $0.34 during trading hours on Thursday, hitting $76.81. The stock had a trading volume of 1,971,966 shares, compared to its average volume of 2,207,182. Cytokinetics, Incorporated has a one year low of $30.02 and a one year high of $80.20. The stock’s 50-day moving average price is $68.37 and its two-hundred day moving average price is $65.53. The stock has a market capitalization of $9.56 billion, a price-to-earnings ratio of -11.23 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same period last year, the firm posted ($1.36) earnings per share. The company’s revenue for the quarter was up 1112.5% compared to the same quarter last year. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -6.27 earnings per share for the current fiscal year.

Institutional Trading of Cytokinetics

A number of hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can lifted its holdings in Cytokinetics by 1.2% during the fourth quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock worth $845,000 after buying an additional 160 shares during the period. Kennedy Capital Management LLC lifted its holdings in shares of Cytokinetics by 1.2% during the 4th 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 during the last quarter. UMB Bank n.a. lifted its holdings in shares of Cytokinetics by 10.6% during the 3rd 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 during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after purchasing an additional 171 shares during the last quarter. Finally, Vident Advisory LLC lifted its holdings in shares of Cytokinetics by 1.4% during the 4th quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock valued at $1,046,000 after purchasing an additional 234 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages have weighed in on CYTK. Citizens Jmp boosted their price objective on Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 25th. Stifel Nicolaus boosted their price objective on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Wells Fargo & Company upped their target price on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Citigroup assumed coverage on Cytokinetics in a research note on Monday, May 18th. They set a “buy” rating and a $99.00 target price on the stock. Finally, Morgan Stanley increased their price objective on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $99.30.

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.