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

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $80.87, for a total transaction of $606,525.00. Following the sale, the chief executive officer owned 377,820 shares of the company’s stock, valued at approximately $30,554,303.40. This represents a 1.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $79.45 on Wednesday. The firm has a market cap of $9.89 billion, a PE ratio of -11.62 and a beta of 0.42. Cytokinetics, Incorporated has a one year low of $32.89 and a one year high of $88.31. The firm’s fifty day moving average is $78.70 and its two-hundred day moving average is $70.11.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results 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 for the quarter, compared to analyst estimates of $8.52 million. During the same quarter last year, the company posted ($1.36) EPS. Cytokinetics’s quarterly revenue was up 1112.5% on a year-over-year basis. Research analysts predict that Cytokinetics, Incorporated will post -6.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

CYTK has been the topic of several analyst reports. Mizuho lifted their target price on Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and upped their price target for the stock from $69.00 to $115.00 in a research note on Monday, June 29th. JPMorgan Chase & Co. increased their price target on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Needham & Company LLC reiterated a “buy” rating and issued a $102.00 price objective on shares of Cytokinetics in a research report on Wednesday, June 17th. Finally, Citigroup assumed coverage on shares of Cytokinetics in a research note on Monday, May 18th. They issued a “buy” rating and a $99.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and an average price target of $99.90.

Institutional Trading of Cytokinetics

A number of institutional investors have recently added to or reduced their stakes in CYTK. Tema ETFs LLC increased its holdings in Cytokinetics by 174.6% in the second quarter. Tema ETFs LLC now owns 22,413 shares of the biopharmaceutical company’s stock valued at $1,909,000 after buying an additional 14,251 shares in the last quarter. E. Ohman J or Asset Management AB grew its holdings in shares of Cytokinetics by 1.3% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 304,611 shares of the biopharmaceutical company’s stock worth $25,950,000 after acquiring an additional 3,849 shares during the period. Handelsbanken Fonder AB grew its holdings in shares of Cytokinetics by 63.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock worth $34,502,000 after acquiring an additional 157,700 shares during the period. GAMMA Investing LLC increased its stake in Cytokinetics by 12.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,487 shares of the biopharmaceutical company’s stock valued at $212,000 after purchasing an additional 266 shares in the last quarter. Finally, Seven Fleet Capital Management LP raised its holdings in Cytokinetics by 492.8% during the first quarter. Seven Fleet Capital Management LP now owns 61,269 shares of the biopharmaceutical company’s stock worth $4,038,000 after purchasing an additional 50,934 shares during the last quarter.

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.