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

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

Cytokinetics Price Performance

Shares of CYTK stock traded up $1.23 during trading on Thursday, hitting $86.49. 2,022,530 shares of the stock traded hands, compared to its average volume of 2,243,849. Cytokinetics, Incorporated has a 52-week low of $32.89 and a 52-week 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. The firm’s fifty day moving average price is $74.15 and its 200-day moving average price is $67.45.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. During the same quarter in the previous year, the company posted ($1.36) earnings per share. The company’s revenue was up 1112.5% on a year-over-year basis. As a group, equities research analysts expect that Cytokinetics, Incorporated will post -6.26 earnings per share for the current year.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently modified their holdings of CYTK. Vanguard Group Inc. raised its stake in Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after buying an additional 191,336 shares in the last quarter. Hudson Bay Capital Management LP boosted its position in shares of Cytokinetics by 15.4% during the 3rd quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock worth $10,010,000 after acquiring an additional 24,345 shares in the last quarter. Knott David M Jr purchased a new position in shares of Cytokinetics in the 3rd quarter valued at about $1,649,000. Cinctive Capital Management LP purchased a new position in shares of Cytokinetics in the 3rd quarter valued at about $5,806,000. Finally, Boxer Capital Management LLC acquired a new stake in shares of Cytokinetics during the 3rd quarter worth about $10,992,000.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. HC Wainwright lifted their price objective on shares of Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a report on Monday, May 11th. Stifel Nicolaus boosted their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $102.00 price objective on shares of Cytokinetics in a research report on Wednesday, June 17th. Royal Bank Of Canada restated an “outperform” rating and set a $119.00 price target on shares of Cytokinetics in a report on Wednesday, June 17th. Finally, Wells Fargo & Company lifted their price objective on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Two investment 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $100.00.

About Cytokinetics

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.