Cytokinetics (NASDAQ:CYTK) CEO Robert Blum Sells 97,926 Shares

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 97,926 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $69.33, for a total value of $6,789,209.58. Following the transaction, the chief executive officer directly owned 385,320 shares in the company, valued at $26,714,235.60. The trade was a 20.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Down 4.3%

Shares of Cytokinetics stock traded down $3.14 during trading on Tuesday, hitting $69.31. 2,576,604 shares of the stock traded hands, compared to its average volume of 2,121,944. The stock’s fifty day simple moving average is $77.79 and its 200 day simple moving average is $72.75. The firm has a market cap of $8.62 billion, a P/E ratio of -9.60 and a beta of 0.36. Cytokinetics, Incorporated has a 52-week low of $47.22 and a 52-week high of $88.31.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.63) by $0.13. The business had revenue of $28.62 million during the quarter, compared to analysts’ expectations of $17.59 million. The firm’s revenue was down 57.1% compared to the same quarter last year. During the same period last year, the company earned ($1.12) earnings per share. As a group, equities analysts expect that Cytokinetics, Incorporated will post -5.98 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CYTK shares. Mizuho lifted their price objective on shares of Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. Royal Bank Of Canada lowered their target price on Cytokinetics from $117.00 to $112.00 and set an “outperform” rating for the company in a report on Friday, August 7th. Wall Street Zen cut Cytokinetics from a “hold” rating to a “sell” rating in a research report on Saturday, August 29th. JPMorgan Chase & Co. increased their target price on Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a report on Friday, July 17th. Eighteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $103.37.

Institutional Trading of Cytokinetics

A number of institutional investors have recently modified their holdings of CYTK. Integrated Wealth Concepts LLC bought a new position in shares of Cytokinetics during the 2nd quarter worth approximately $36,000. Rockefeller Capital Management L.P. boosted its stake in Cytokinetics by 842.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock valued at $41,000 after acquiring an additional 573 shares in the last quarter. Clearstead Advisors LLC boosted its stake in Cytokinetics by 97.1% in the fourth quarter. Clearstead Advisors LLC now owns 670 shares of the biopharmaceutical company’s stock valued at $43,000 after acquiring an additional 330 shares in the last quarter. Western Wealth Management LLC purchased a new position in Cytokinetics in the first quarter worth $53,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Cytokinetics by 55.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the biopharmaceutical company’s stock worth $102,000 after purchasing an additional 549 shares during the last quarter.

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.