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

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $70.46, for a total value of $528,450.00. Following the completion of the transaction, the chief executive officer owned 385,330 shares of the company’s stock, valued at approximately $27,150,351.80. The trade was a 1.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Up 1.8%

Shares of Cytokinetics stock traded up $1.23 on Monday, reaching $71.38. 1,010,897 shares of the stock were exchanged, compared to its average volume of 2,145,532. The business has a 50 day moving average price of $70.40 and a two-hundred day moving average price of $66.05. The firm has a market capitalization of $8.88 billion, a price-to-earnings ratio of -10.44 and a beta of 0.42. Cytokinetics, Incorporated has a twelve month low of $31.99 and a twelve month high of $80.20.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. During the same period in the prior year, the business posted ($1.36) earnings per share. The business’s quarterly revenue was up 1112.5% compared to the same quarter last year. Research analysts forecast that Cytokinetics, Incorporated will post -6.29 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on CYTK. Citizens Jmp boosted their target price on shares of Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a research report on Wednesday, February 25th. Robert W. Baird set a $84.00 price target on Cytokinetics in a research report on Tuesday, March 10th. JPMorgan Chase & Co. lifted their price objective on Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Wells Fargo & Company boosted their price objective on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Needham & Company LLC upped their target price on Cytokinetics from $85.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its stake 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 worth $25,000 after acquiring an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Cytokinetics in the 4th quarter valued at about $27,000. Kestra Advisory Services LLC acquired a new position in Cytokinetics in the 4th quarter worth about $29,000. Quarry LP acquired a new position in Cytokinetics in the 3rd quarter worth about $30,000. Finally, TD Waterhouse Canada Inc. purchased a new position in Cytokinetics during the fourth quarter worth approximately $32,000.

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.