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

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $77.21, for a total value of $579,075.00. Following the completion of the transaction, the chief executive officer owned 392,830 shares of the company’s stock, valued at approximately $30,330,404.30. The trade was a 1.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Price Performance

CYTK stock traded down $0.34 on Thursday, reaching $76.81. 1,971,966 shares of the company traded hands, compared to its average volume of 2,207,182. Cytokinetics, Incorporated has a one year low of $30.02 and a one year high of $80.20. The company has a market cap of $9.56 billion, a P/E ratio of -11.23 and a beta of 0.38. The firm has a fifty day simple moving average of $68.37 and a 200-day simple moving average of $65.53.

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 company had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. During the same period last year, the business earned ($1.36) EPS. The firm’s quarterly revenue was up 1112.5% on a year-over-year basis. On average, sell-side analysts forecast that Cytokinetics, Incorporated will post -6.27 EPS for the current year.

Institutional Trading of Cytokinetics

Large investors have recently modified their holdings of the company. Kemnay Advisory Services Inc. bought a new stake in shares of Cytokinetics in the fourth quarter worth $27,000. Kestra Advisory Services LLC purchased a new position in shares of Cytokinetics in the fourth quarter valued at about $29,000. TD Waterhouse Canada Inc. purchased a new position in shares of Cytokinetics in the fourth quarter valued at about $32,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of 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 in the last quarter. Finally, Quarry LP purchased a new position in shares of Cytokinetics in the third quarter valued at about $30,000.

Analysts Set New Price Targets

A number of research firms recently weighed in on CYTK. Barclays raised their price objective on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, April 6th. Royal Bank Of Canada lifted their target price on Cytokinetics from $101.00 to $119.00 and gave the stock an “outperform” rating in a report on Wednesday, May 6th. Morgan Stanley lifted their target price on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Leerink Partners reissued an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Finally, Needham & Company LLC lifted their target price on Cytokinetics from $85.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.30.

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.