Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells $636,900.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $84.92, for a total value of $636,900.00. Following the completion of the transaction, the chief executive officer directly owned 377,830 shares of the company’s stock, valued at approximately $32,085,323.60. This represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

Shares of Cytokinetics stock opened at $86.49 on Friday. The business’s fifty day simple moving average is $74.97 and its 200 day simple moving average is $67.74. Cytokinetics, Incorporated has a 12 month low of $32.89 and a 12 month high of $88.31. The firm has a market capitalization of $10.76 billion, a P/E ratio of -12.64 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same quarter last year, the company earned ($1.36) EPS. The firm’s revenue for the quarter was up 1112.5% compared to the same quarter last year. Analysts predict that Cytokinetics, Incorporated will post -6.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CYTK shares. Mizuho raised their price objective on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, June 24th. Truist Financial set a $106.00 target price on shares of Cytokinetics in a research note on Tuesday, May 5th. Leerink Partners restated an “outperform” rating on shares of Cytokinetics in a research note on Tuesday, March 10th. Wells Fargo & Company lifted their price target on shares of Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Finally, Citigroup initiated coverage on shares of Cytokinetics in a report on Monday, May 18th. They issued a “buy” rating and a $99.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus price target of $100.00.

Institutional Investors Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted 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 worth $765,538,000 after purchasing an additional 191,336 shares during the period. Hudson Bay Capital Management LP raised its position in shares of Cytokinetics by 15.4% in the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock valued at $10,010,000 after purchasing an additional 24,345 shares during the period. Knott David M Jr bought a new stake in shares of Cytokinetics in the third quarter valued at approximately $1,649,000. Boxer Capital Management LLC purchased a new stake in shares of Cytokinetics during the 3rd quarter valued at approximately $10,992,000. Finally, Cinctive Capital Management LP purchased a new stake in shares of Cytokinetics during the 3rd quarter valued at approximately $5,806,000.

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.