Cytokinetics (NASDAQ:CYTK) CEO Sells $606,525.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of Cytokinetics stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $80.87, for a total value of $606,525.00. Following the completion of the transaction, the chief executive officer directly owned 377,820 shares in the company, valued at approximately $30,554,303.40. This represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Down 0.5%

CYTK stock traded down $0.42 during trading on Tuesday, hitting $80.20. The company had a trading volume of 532,307 shares, compared to its average volume of 2,171,270. The stock has a market cap of $9.98 billion, a PE ratio of -11.73 and a beta of 0.42. The business has a 50-day moving average of $78.64 and a 200-day moving average of $70.01. Cytokinetics, Incorporated has a one year low of $32.89 and a one year high of $88.31.

Cytokinetics (NASDAQ:CYTK) last released its quarterly 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 for the quarter, compared to the consensus estimate of $8.52 million. The firm’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.36) EPS. Research analysts forecast that Cytokinetics, Incorporated will post -6.2 EPS for the current year.

Institutional Trading of Cytokinetics

Large investors have recently made changes to their positions in the company. Kemnay Advisory Services Inc. bought a new stake in Cytokinetics in the 4th quarter valued at about $27,000. Kestra Advisory Services LLC bought a new position in Cytokinetics in the fourth quarter worth approximately $29,000. TD Waterhouse Canada Inc. acquired a new stake in Cytokinetics in the fourth quarter valued at approximately $32,000. Northwestern Mutual Wealth Management Co. grew its stake in Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after acquiring an additional 171 shares during the period. Finally, Quarry LP bought a new stake in shares of Cytokinetics during the third quarter valued at approximately $30,000.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Morgan Stanley boosted their price objective on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Mizuho raised their target price on Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. HC Wainwright lifted their target price on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Finally, Stifel Nicolaus boosted their price target on Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $99.90.

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.