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 firm’s stock in a transaction 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 transaction, the chief executive officer directly owned 278,544 shares of the company’s stock, valued at $17,495,348.64. This represents a 2.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Down 1.5%

Shares of CYTK stock traded down $0.96 during mid-day trading on Monday, reaching $62.03. 1,561,031 shares of the company’s stock traded hands, compared to its average volume of 2,090,451. Cytokinetics, Incorporated has a 12 month low of $58.05 and a 12 month high of $88.31. The company has a market cap of $7.72 billion, a P/E ratio of -8.59 and a beta of 0.45. The company’s 50-day moving average price is $67.50 and its 200-day moving average price is $70.07.

Cytokinetics (NASDAQ:CYTK) last released its earnings results 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 quarterly revenue was down 57.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.12) earnings per share. Equities analysts predict that Cytokinetics, Incorporated will post -5.97 earnings per share for the current year.

Institutional Trading of Cytokinetics

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC purchased a new position in Cytokinetics in the second quarter worth about $36,000. Physician Wealth Advisors Inc. grew its holdings in shares of Cytokinetics by 810.2% during the third quarter. Physician Wealth Advisors Inc. now owns 446 shares of the biopharmaceutical company’s stock valued at $29,000 after buying an additional 397 shares during the last quarter. V Square Quantitative Management LLC increased its position in shares of Cytokinetics by 71.5% during the third quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock valued at $30,000 after acquiring an additional 191 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in shares of Cytokinetics by 842.6% during 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. Finally, Manchester Capital Management LLC bought a new stake in shares of Cytokinetics during the third quarter valued at approximately $43,000.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Royal Bank Of Canada upped their price objective on shares of Cytokinetics from $112.00 to $113.00 and gave the stock an “outperform” rating in a report on Thursday, October 8th. Citigroup reiterated a “market outperform” rating on shares of Cytokinetics in a report on Friday, August 7th. Truist Financial boosted their price target on Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research report on Friday, September 11th. Finally, Morgan Stanley upgraded Cytokinetics from an “overweight” rating to a “buy” rating in a research note on Tuesday, September 1st. Nineteen investment 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $105.44.

Cytokinetics Company Profile

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.