Robert Blum Sells 7,931 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,931 shares of Cytokinetics stock in a transaction on Monday, March 9th. The stock was sold at an average price of $60.72, for a total value of $481,570.32. Following the completion of the sale, the chief executive officer directly owned 391,673 shares of the company’s stock, valued at approximately $23,782,384.56. The trade was a 1.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Cytokinetics Price Performance

NASDAQ:CYTK traded up $1.78 during mid-day trading on Tuesday, reaching $64.20. The company’s stock had a trading volume of 2,114,509 shares, compared to its average volume of 1,900,180. The firm’s fifty day moving average price is $63.96 and its two-hundred day moving average price is $59.89. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $70.98.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The firm had revenue of $17.76 million during the quarter, compared to analysts’ expectations of $8.02 million. Cytokinetics’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the firm earned ($1.26) earnings per share. On average, analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Institutional Investors Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC raised its holdings in shares of Cytokinetics by 361.9% in the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after buying an additional 225,576 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Cytokinetics by 21.2% during the second quarter. Envestnet Asset Management Inc. now owns 29,467 shares of the biopharmaceutical company’s stock valued at $974,000 after acquiring an additional 5,146 shares in the last quarter. Assetmark Inc. grew its stake in Cytokinetics by 127.6% in the second quarter. Assetmark Inc. now owns 2,642 shares of the biopharmaceutical company’s stock worth $87,000 after purchasing an additional 1,481 shares in the last quarter. Profund Advisors LLC lifted its holdings in shares of Cytokinetics by 13.0% in the 2nd quarter. Profund Advisors LLC now owns 38,448 shares of the biopharmaceutical company’s stock worth $1,270,000 after buying an additional 4,413 shares during the period. Finally, Quinn Opportunity Partners LLC raised its holdings in shares of Cytokinetics by 50.0% in the second quarter. Quinn Opportunity Partners LLC now owns 194,939 shares of the biopharmaceutical company’s stock valued at $6,441,000 after acquiring an additional 65,000 shares in the last quarter.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Cytokinetics in a research note on Friday, January 9th. Bank of America reissued a “neutral” rating on shares of Cytokinetics in a report on Wednesday, February 25th. Morgan Stanley set a $90.00 target price on Cytokinetics in a research note on Thursday, January 8th. Needham & Company LLC boosted their target price on shares of Cytokinetics from $84.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Finally, Royal Bank Of Canada raised their price objective on Cytokinetics from $95.00 to $101.00 and gave the company an “outperform” rating in a research report on Friday, February 20th. Seventeen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.00.

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.