Cytokinetics (NASDAQ:CYTK) CEO Sells $490,950.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $65.46, for a total value of $490,950.00. Following the completion of the transaction, the chief executive officer directly owned 278,544 shares in the company, valued at approximately $18,233,490.24. This represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Up 2.3%

Shares of NASDAQ:CYTK traded up $1.50 during trading on Monday, reaching $66.16. The company’s stock had a trading volume of 2,551,183 shares, compared to its average volume of 2,129,594. The firm’s 50 day simple moving average is $74.99 and its two-hundred day simple moving average is $73.12. Cytokinetics, Incorporated has a 12 month low of $50.15 and a 12 month high of $88.31. The stock has a market capitalization of $8.23 billion, a PE ratio of -9.16 and a beta of 0.36.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.63) by $0.13. The company had revenue of $28.62 million during the quarter, compared to the consensus estimate of $17.59 million. The firm’s quarterly revenue was down 57.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.12) earnings per share. Research analysts anticipate that Cytokinetics, Incorporated will post -5.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CYTK has been the subject of several research analyst reports. Royal Bank Of Canada decreased their price target on shares of Cytokinetics from $117.00 to $112.00 and set an “outperform” rating for the company in a research note on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research note on Friday, July 17th. JPMorgan Chase & Co. upped their price objective on Cytokinetics from $97.00 to $103.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Citizens Jmp increased their target price on shares of Cytokinetics from $105.00 to $110.00 and gave the company a “market outperform” rating in a research report on Friday, August 7th. Finally, Citigroup reiterated a “market outperform” rating on shares of Cytokinetics in a research note on Friday, August 7th. Eighteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $103.37.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently made changes to their positions in CYTK. Handelsbanken Fonder AB grew its stake in Cytokinetics by 63.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock valued at $34,502,000 after acquiring an additional 157,700 shares in the last quarter. Norges Bank acquired a new stake in shares of Cytokinetics in the 4th quarter worth $51,281,000. Siren L.L.C. purchased a new stake in shares of Cytokinetics in the first quarter valued at about $40,466,000. Eventide Asset Management LLC raised its stake in Cytokinetics by 181.9% during the fourth 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 period. Finally, Great Lakes Advisors LLC acquired a new position in Cytokinetics in the 2nd quarter valued at about $1,960,000.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.