Cytokinetics (NASDAQ:CYTK) CEO Sells $615,150.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $82.02, for a total value of $615,150.00. Following the transaction, the chief executive officer directly owned 377,820 shares of the company’s stock, valued at $30,988,796.40. The trade was a 1.95% decrease in their position. The transaction was disclosed in a legal 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 CYTK stock opened at $80.36 on Friday. The firm has a market cap of $10.00 billion, a P/E ratio of -11.75 and a beta of 0.42. Cytokinetics, Incorporated has a fifty-two week low of $32.89 and a fifty-two week high of $88.31. The business’s 50 day moving average price is $77.99 and its 200-day moving average price is $69.10.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. Cytokinetics’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same period last year, the firm posted ($1.36) earnings per share. As a group, equities analysts predict that Cytokinetics, Incorporated will post -6.22 EPS for the current year.

Institutional Trading of Cytokinetics

A number of hedge funds and other institutional investors have recently modified their holdings of CYTK. Vanguard Group Inc. increased its stake in shares of Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after acquiring an additional 191,336 shares in the last quarter. State Street Corp boosted its stake in Cytokinetics by 3.7% during the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock worth $370,139,000 after acquiring an additional 207,961 shares in the last quarter. Deep Track Capital LP grew its holdings in Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after purchasing an additional 650,000 shares during the period. Geode Capital Management LLC grew its holdings in Cytokinetics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock worth $194,214,000 after purchasing an additional 15,815 shares during the period. Finally, Vestal Point Capital LP increased its stake in shares of 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 purchasing an additional 384,469 shares in the last quarter.

Analyst Upgrades and Downgrades

CYTK has been the subject of several research reports. Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Truist Financial set a $106.00 target price on shares of Cytokinetics in a research note on Tuesday, May 5th. HC Wainwright boosted their price target on shares of Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Mizuho increased their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $99.90.

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.