Cytokinetics (NASDAQ:CYTK) CEO Sells $490,950.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of Cytokinetics stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $65.46, for a total transaction of $490,950.00. Following the sale, the chief executive officer owned 278,544 shares in the company, valued at $18,233,490.24. This represents a 2.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Up 0.4%

CYTK opened at $65.91 on Thursday. Cytokinetics, Incorporated has a twelve month low of $53.61 and a twelve month high of $88.31. The firm has a market cap of $8.20 billion, a price-to-earnings ratio of -9.13 and a beta of 0.36. The company has a fifty day simple moving average of $74.09 and a 200 day simple moving average of $73.19.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. During the same quarter in the prior year, the business earned ($1.12) earnings per share. The firm’s revenue was down 57.1% on a year-over-year basis. On average, analysts forecast that Cytokinetics, Incorporated will post -5.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC bought a new position in Cytokinetics in the 2nd quarter valued at about $36,000. Rockefeller Capital Management L.P. boosted its holdings in shares of 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 increased its stake in shares of Cytokinetics by 97.1% during 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 during the period. Western Wealth Management LLC acquired a new stake in Cytokinetics in the first quarter worth approximately $53,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Cytokinetics by 55.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the biopharmaceutical company’s stock valued at $102,000 after purchasing an additional 549 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts have commented on CYTK shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research note on Friday, September 11th. Morgan Stanley upgraded Cytokinetics from an “overweight” rating to a “buy” rating in a research note on Tuesday, September 1st. Royal Bank Of Canada cut their price objective on Cytokinetics from $117.00 to $112.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Barclays lifted their target price on Cytokinetics from $95.00 to $110.00 and gave the stock an “overweight” rating in a research report on Thursday, August 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Friday, July 17th. Eighteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $103.37.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.

Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.