Cytokinetics (NASDAQ:CYTK) Stock: Insider Robert Blum Sells 7,500 Shares

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $62.81, for a total value of $471,075.00. Following the completion of the sale, the chief executive officer owned 278,544 shares in the company, valued at approximately $17,495,348.64. This represents a 2.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Up 0.5%

Shares of NASDAQ:CYTK opened at $62.31 on Wednesday. Cytokinetics, Incorporated has a twelve month low of $58.05 and a twelve month high of $88.31. The company has a market cap of $7.75 billion, a PE ratio of -8.63 and a beta of 0.45. The company’s 50 day moving average is $66.91 and its 200 day moving average is $70.05.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS 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. The business’s revenue was down 57.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.12) earnings per share. Equities research analysts predict that Cytokinetics, Incorporated will post -5.97 earnings per share for the current fiscal year.

Institutional Trading of Cytokinetics

A number of hedge funds have recently added to or reduced their stakes in CYTK. Handelsbanken Fonder AB raised its stake in shares of Cytokinetics by 63.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock worth $34,502,000 after buying an additional 157,700 shares during the period. Great Lakes Advisors LLC purchased a new position in shares of Cytokinetics during the 2nd quarter valued at approximately $1,960,000. Siren L.L.C. purchased a new position in shares of Cytokinetics during the 1st quarter valued at approximately $40,466,000. Seven Fleet Capital Management LP grew its stake in Cytokinetics by 93.0% in the 2nd quarter. Seven Fleet Capital Management LP now owns 118,240 shares of the biopharmaceutical company’s stock valued at $10,073,000 after acquiring an additional 56,971 shares during the period. Finally, Sanders Morris Harris LLC acquired a new stake in Cytokinetics in the 3rd quarter valued at $1,549,000.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CYTK shares. William Blair assumed coverage on shares of Cytokinetics in a research report on Friday, October 16th. They set an “outperform” rating for the company. Morgan Stanley raised Cytokinetics from an “overweight” rating to a “buy” rating in a research report on Tuesday, September 1st. Needham & Company LLC lifted their price objective on Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Royal Bank Of Canada boosted their price objective on Cytokinetics from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Thursday, October 8th. Finally, UBS Group reissued a “buy” rating and issued a $104.00 price objective on shares of Cytokinetics in a report on Wednesday, October 14th. Nineteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $105.44.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.