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

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of Cytokinetics stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $82.02, for a total value of $615,150.00. Following the sale, the chief executive officer directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK traded down $0.31 on Tuesday, hitting $81.93. 1,439,489 shares of the company’s stock were exchanged, compared to its average volume of 2,228,710. The firm’s 50-day moving average is $77.62 and its 200 day moving average is $68.72. The company has a market capitalization of $10.19 billion, a PE ratio of -11.98 and a beta of 0.42. Cytokinetics, Incorporated has a 1-year low of $32.89 and a 1-year high of $88.31.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. During the same quarter in the previous year, the company posted ($1.36) EPS. The company’s revenue was up 1112.5% compared to the same quarter last year. On average, analysts anticipate that Cytokinetics, Incorporated will post -6.22 EPS for the current fiscal year.

Institutional Trading of Cytokinetics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Tema ETFs LLC increased its stake in shares of 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 acquiring an additional 14,251 shares during the period. E. Ohman J or Asset Management AB lifted its position in Cytokinetics by 1.3% in the second 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 purchasing an additional 3,849 shares during the period. Handelsbanken Fonder AB boosted its holdings in 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 purchasing an additional 157,700 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Cytokinetics by 12.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,487 shares of the biopharmaceutical company’s stock valued at $212,000 after purchasing an additional 266 shares in the last quarter. Finally, Seven Fleet Capital Management LP increased its position in 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 purchasing an additional 50,934 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CYTK. Needham & Company LLC reissued a “buy” rating and set a $102.00 price objective on shares of Cytokinetics in a report on Wednesday, June 17th. Barclays increased their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, April 6th. Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Citigroup initiated coverage on shares of Cytokinetics in a research report on Monday, May 18th. They issued a “buy” rating and a $99.00 price target for the company. Finally, Truist Financial set a $106.00 price target on shares of Cytokinetics in a research report on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.