Cytokinetics (NASDAQ:CYTK) CEO Sells $528,450.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $70.46, for a total value of $528,450.00. Following the transaction, the chief executive officer directly owned 385,330 shares in the company, valued at approximately $27,150,351.80. This represents a 1.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Up 1.8%

CYTK traded up $1.23 during trading on Monday, reaching $71.38. The company had a trading volume of 1,010,897 shares, compared to its average volume of 2,145,532. The stock has a market cap of $8.88 billion, a P/E ratio of -10.44 and a beta of 0.42. The business has a 50 day simple moving average of $70.40 and a 200-day simple moving average of $66.05. Cytokinetics, Incorporated has a 52 week low of $31.99 and a 52 week high of $80.20.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting 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. The company’s revenue was up 1112.5% on a year-over-year basis. During the same quarter last year, the firm earned ($1.36) EPS. As a group, equities research analysts expect that Cytokinetics, Incorporated will post -6.29 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Barclays increased their price target on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. Royal Bank Of Canada boosted their price objective on Cytokinetics from $101.00 to $119.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Wells Fargo & Company upped their price objective on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Morgan Stanley increased their target price on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Truist Financial set a $106.00 target price on Cytokinetics in a research report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently made changes to their positions in CYTK. Vanguard Group Inc. raised its holdings in shares of Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after buying an additional 191,336 shares during the last quarter. Hudson Bay Capital Management LP grew its holdings in shares of Cytokinetics by 15.4% during the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock valued at $10,010,000 after buying an additional 24,345 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of Cytokinetics by 23.4% during the third quarter. TD Asset Management Inc now owns 671,780 shares of the biopharmaceutical company’s stock valued at $36,921,000 after buying an additional 127,488 shares during the last quarter. Knott David M Jr acquired a new position in shares of Cytokinetics in the 3rd quarter valued at $1,649,000. Finally, Boxer Capital Management LLC purchased a new position in Cytokinetics in the 3rd quarter worth $10,992,000.

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.