Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells $490,350.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 7,500 shares of the stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $65.38, for a total transaction of $490,350.00. Following the transaction, the chief executive officer directly owned 415,330 shares of the company’s stock, valued at $27,154,275.40. The trade was a 1.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $66.71 on Friday. The stock has a market capitalization of $8.22 billion, a P/E ratio of -10.22 and a beta of 0.47. The company has a 50 day moving average price of $64.20 and a 200 day moving average price of $63.15. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $70.98.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The company had revenue of $17.76 million for the quarter, compared to analysts’ expectations of $8.02 million. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.26) earnings per share. Research analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Cytokinetics by 1.6% in the 4th 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 during the period. State Street Corp boosted its position in Cytokinetics by 3.7% in the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock valued at $370,139,000 after buying an additional 207,961 shares during the period. Deep Track Capital LP boosted its position in Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after buying an additional 650,000 shares during the period. Geode Capital Management LLC boosted its position in Cytokinetics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after buying an additional 15,815 shares during the period. Finally, Vestal Point Capital LP boosted its position in Cytokinetics by 14.8% in the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after buying an additional 384,469 shares during the period.

Analyst Ratings Changes

A number of research firms recently weighed in on CYTK. Needham & Company LLC increased their price objective on shares of Cytokinetics from $84.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 price objective on shares of Cytokinetics in a research report on Friday, January 9th. Morgan Stanley set a $90.00 price objective on shares of Cytokinetics in a research report on Thursday, January 8th. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Finally, B. Riley Financial increased their price objective on shares of Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.55.

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.