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

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the company’s stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $82.02, for a total transaction of $615,150.00. Following the sale, the chief executive officer owned 377,820 shares of the company’s stock, valued at $30,988,796.40. This trade 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 is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

Cytokinetics stock opened at $82.62 on Thursday. Cytokinetics, Incorporated has a 52 week low of $32.89 and a 52 week high of $88.31. The firm has a market capitalization of $10.28 billion, a PE ratio of -12.08 and a beta of 0.42. The business’s 50-day simple moving average is $77.87 and its 200-day simple moving average is $68.98.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. Cytokinetics’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 company earned ($1.36) EPS. Research analysts forecast that Cytokinetics, Incorporated will post -6.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CYTK. Tema ETFs LLC boosted its stake in Cytokinetics by 174.6% during the second quarter. Tema ETFs LLC now owns 22,413 shares of the biopharmaceutical company’s stock worth $1,909,000 after buying an additional 14,251 shares in the last quarter. E. Ohman J or Asset Management AB raised its stake in shares of Cytokinetics by 1.3% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 304,611 shares of the biopharmaceutical company’s stock valued at $25,950,000 after buying an additional 3,849 shares in the last quarter. Handelsbanken Fonder AB raised its stake in shares of Cytokinetics by 63.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock valued at $34,502,000 after buying an additional 157,700 shares in the last quarter. GAMMA Investing LLC lifted its holdings 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 worth $212,000 after acquiring an additional 266 shares during the period. Finally, Seven Fleet Capital Management LP lifted its holdings in shares of Cytokinetics by 492.8% during the 1st quarter. Seven Fleet Capital Management LP now owns 61,269 shares of the biopharmaceutical company’s stock worth $4,038,000 after acquiring an additional 50,934 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Royal Bank Of Canada lowered their price objective on shares of Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 7th. UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and upped their target price for the company from $69.00 to $115.00 in a research note on Monday, June 29th. Morgan Stanley raised their price target on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Wells Fargo & Company boosted their price objective on shares of Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $99.90.

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.