Cytokinetics (NASDAQ:CYTK) CEO 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 27th. The stock was sold at an average price of $80.87, for a total transaction of $606,525.00. Following the completion of the sale, the chief executive officer owned 377,820 shares of the company’s stock, valued at $30,554,303.40. This trade represents a 1.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

Shares of 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 firm has a market capitalization of $9.98 billion, a P/E ratio of -11.73 and a beta of 0.42. Cytokinetics, Incorporated has a one year low of $32.89 and a one year high of $88.31. The stock’s 50-day moving average price is $78.64 and its 200 day moving average price is $70.01.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting 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. Cytokinetics’s revenue was up 1112.5% on a year-over-year basis. During the same quarter last year, the business earned ($1.36) EPS. On average, research analysts anticipate that Cytokinetics, Incorporated will post -6.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CYTK. Needham & Company LLC reaffirmed a “buy” rating and set a $102.00 price target on shares of Cytokinetics in a report on Wednesday, June 17th. Wells Fargo & Company upped their target price on Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Citigroup initiated coverage on Cytokinetics in a research note on Monday, May 18th. They issued a “buy” rating and a $99.00 price target on the stock. UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $69.00 to $115.00 in a research report on Monday, June 29th. Finally, Morgan Stanley raised 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. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $99.90.

Hedge Funds Weigh In On Cytokinetics

Several large investors have recently bought and sold shares of CYTK. Vanguard Group Inc. raised its holdings in Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after buying an additional 191,336 shares during the last quarter. Royce & Associates LP grew its stake in shares of Cytokinetics by 44.3% in the fourth quarter. Royce & Associates LP now owns 144,426 shares of the biopharmaceutical company’s stock worth $9,177,000 after purchasing an additional 44,343 shares during the last quarter. Norges Bank acquired a new stake in Cytokinetics in the fourth quarter valued at $51,281,000. GW&K Investment Management LLC increased its holdings in Cytokinetics by 161.5% in the fourth quarter. GW&K Investment Management LLC now owns 472,363 shares of the biopharmaceutical company’s stock valued at $30,015,000 after purchasing an additional 291,693 shares during the period. Finally, Eventide Asset Management LLC raised its position in Cytokinetics by 181.9% during the 4th quarter. Eventide Asset Management LLC now owns 479,611 shares of the biopharmaceutical company’s stock worth $30,473,000 after purchasing an additional 309,503 shares during the last quarter.

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.