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

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $70.46, for a total value of $528,450.00. Following the completion of the sale, the chief executive officer owned 385,330 shares of the company’s stock, valued at approximately $27,150,351.80. This trade represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 Stock Performance

Cytokinetics stock opened at $71.38 on Tuesday. Cytokinetics, Incorporated has a one year low of $31.99 and a one year high of $80.20. The stock has a market cap of $8.88 billion, a PE ratio of -10.44 and a beta of 0.42. The stock has a 50-day moving average of $70.50 and a two-hundred day moving average of $66.08.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. During the same period last year, the firm earned ($1.36) EPS. The company’s revenue for the quarter was up 1112.5% compared to the same quarter last year. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -6.29 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a report on Wednesday, February 25th. Stifel Nicolaus lifted their target price on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Leerink Partners reaffirmed an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Finally, Morgan Stanley lifted their target price on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Two 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 given a Sell rating to the company. According to MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $99.30.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Cytokinetics by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after acquiring an additional 191,336 shares in the last quarter. State Street Corp raised its position in Cytokinetics by 3.7% during the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock valued at $370,139,000 after acquiring an additional 207,961 shares in the last quarter. Deep Track Capital LP raised its position in Cytokinetics by 17.8% during the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after acquiring an additional 650,000 shares in the last quarter. Geode Capital Management LLC raised its position in Cytokinetics by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after acquiring an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP raised its position in Cytokinetics by 14.8% during the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after acquiring an additional 384,469 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.