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

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $73.44, for a total value of $550,800.00. Following the transaction, the chief executive officer directly owned 377,820 shares in the company, valued at approximately $27,747,100.80. The trade was a 1.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Price Performance

Shares of CYTK traded down $3.14 during mid-day trading on Tuesday, reaching $69.31. 2,576,604 shares of the company’s stock were exchanged, compared to its average volume of 2,121,944. The stock has a market capitalization of $8.62 billion, a PE ratio of -9.60 and a beta of 0.36. The business’s fifty day simple moving average is $77.79 and its 200-day simple moving average is $72.75. Cytokinetics, Incorporated has a 52-week low of $47.22 and a 52-week high of $88.31.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million during the quarter, compared to analyst estimates of $17.59 million. During the same quarter last year, the firm earned ($1.12) EPS. The business’s revenue was down 57.1% on a year-over-year basis. Equities research analysts predict that Cytokinetics, Incorporated will post -5.98 earnings per share for the current year.

Institutional Trading of Cytokinetics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Cytokinetics in the fourth quarter valued at $51,281,000. Siren L.L.C. purchased a new position in Cytokinetics during the first quarter worth about $40,466,000. Northwestern Mutual Wealth Management Co. lifted its position in Cytokinetics by 151,987.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock worth $35,949,000 after buying an additional 565,393 shares during the period. ExodusPoint Capital Management LP acquired a new stake in Cytokinetics in the 4th quarter worth about $21,803,000. Finally, BNP Paribas Financial Markets boosted its stake in Cytokinetics by 134.3% in the 4th quarter. BNP Paribas Financial Markets now owns 579,862 shares of the biopharmaceutical company’s stock worth $36,844,000 after buying an additional 332,397 shares during the last quarter.

Analyst Upgrades and Downgrades

CYTK has been the subject of several recent analyst reports. Citizens Jmp raised their price objective on shares of Cytokinetics from $105.00 to $110.00 and gave the company a “market outperform” rating in a research note on Friday, August 7th. Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a research note on Friday, August 7th. Royal Bank Of Canada lowered their price target on Cytokinetics from $117.00 to $112.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Truist Financial raised their price objective on Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Friday. Eighteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.37.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.