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

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

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $76.81 on Friday. The company has a market cap of $9.56 billion, a price-to-earnings ratio of -11.23 and a beta of 0.38. The firm has a 50 day simple moving average of $68.66 and a 200 day simple moving average of $65.65. Cytokinetics, Incorporated has a one year low of $30.02 and a one year high of $80.20.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. Cytokinetics’s revenue for the quarter was up 1112.5% on a year-over-year basis. During the same period in the previous year, the company earned ($1.36) EPS. As a group, analysts expect that Cytokinetics, Incorporated will post -6.27 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Citigroup assumed coverage on shares of Cytokinetics in a research note on Monday, May 18th. They issued a “buy” rating and a $99.00 price target for the company. Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Needham & Company LLC lifted their price objective on shares of Cytokinetics from $85.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Robert W. Baird set a $84.00 price objective on shares of Cytokinetics in a report on Tuesday, March 10th. Finally, Morgan Stanley lifted their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $99.30.

Institutional Trading of Cytokinetics

A number of institutional investors have recently modified their holdings of CYTK. Millennium Management LLC raised its position in shares of Cytokinetics by 361.9% during the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock valued at $11,571,000 after buying an additional 225,576 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Cytokinetics by 12.4% during the 2nd quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock valued at $219,000 after buying an additional 731 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 673 shares in the last quarter. Gabelli Funds LLC raised its position in shares of Cytokinetics by 29.4% during the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock valued at $278,000 after buying an additional 1,910 shares in the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Cytokinetics by 10.8% during the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock valued at $4,712,000 after buying an additional 13,911 shares in the last quarter.

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.