Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Sells $1,099,125.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert I. Blum sold 22,500 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $48.85, for a total value of $1,099,125.00. Following the completion of the transaction, the chief executive officer now directly owns 439,145 shares in the company, valued at $21,452,233.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Cytokinetics Trading Up 1.0 %

Shares of Cytokinetics stock opened at $52.79 on Monday. The firm has a market capitalization of $5.54 billion, a PE ratio of -9.78 and a beta of 0.74. Cytokinetics, Incorporated has a twelve month low of $25.98 and a twelve month high of $110.25. The firm’s 50-day moving average price is $62.13 and its 200 day moving average price is $64.94.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The company had revenue of $0.84 million for the quarter, compared to analysts’ expectations of $0.91 million. The company’s quarterly revenue was down 81.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.38) earnings per share. On average, sell-side analysts predict that Cytokinetics, Incorporated will post -4.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Cetera Advisors LLC purchased a new position in Cytokinetics in the 1st quarter worth approximately $531,000. Zimmer Partners LP purchased a new position in Cytokinetics in the 1st quarter worth approximately $2,706,000. Comerica Bank lifted its stake in Cytokinetics by 185.4% in the 1st quarter. Comerica Bank now owns 130,806 shares of the biopharmaceutical company’s stock worth $9,171,000 after purchasing an additional 84,967 shares in the last quarter. Castleark Management LLC purchased a new position in Cytokinetics in the 1st quarter worth approximately $1,471,000. Finally, Murchinson Ltd. lifted its stake in Cytokinetics by 56.7% in the 1st quarter. Murchinson Ltd. now owns 108,795 shares of the biopharmaceutical company’s stock worth $7,628,000 after purchasing an additional 39,356 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. B. Riley cut their price target on Cytokinetics from $122.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Bank of America cut their price target on Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, May 23rd. Raymond James cut their price target on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. Mizuho cut their price target on Cytokinetics from $103.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. Finally, Barclays cut their price target on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.41.

Cytokinetics Company Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.