Cytokinetics (NASDAQ:CYTK) CEO Sells $2,274,752.15 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert Blum sold 36,601 shares of the company’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total transaction of $2,274,752.15. Following the completion of the transaction, the chief executive officer owned 430,330 shares in the company, valued at approximately $26,745,009.50. This represents a 7.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Cytokinetics Stock Performance

CYTK opened at $61.70 on Friday. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $70.98. The company has a market capitalization of $7.60 billion, a P/E ratio of -9.45 and a beta of 0.56. The stock has a fifty day moving average of $63.77 and a 200-day moving average of $61.13.

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

Analyst Ratings Changes

Several research analysts have issued reports on CYTK shares. HC Wainwright raised their price target on shares of Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Needham & Company LLC boosted their price objective on Cytokinetics from $84.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Leerink Partners reaffirmed an “outperform” rating on shares of Cytokinetics in a research note on Tuesday, March 10th. Mizuho lifted their target price on Cytokinetics from $84.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, B. Riley Financial upped 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. Seventeen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and a consensus target price of $89.89.

Hedge Funds Weigh In On Cytokinetics

A number of large investors have recently modified their holdings of the company. Millennium Management LLC grew its position in shares of Cytokinetics by 361.9% during the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock valued at $11,571,000 after purchasing an additional 225,576 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Cytokinetics by 21.2% during the second quarter. Envestnet Asset Management Inc. now owns 29,467 shares of the biopharmaceutical company’s stock valued at $974,000 after buying an additional 5,146 shares during the period. Geode Capital Management LLC boosted its stake in Cytokinetics by 1.9% during the second quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company’s stock valued at $98,948,000 after buying an additional 56,961 shares during the period. Police & Firemen s Retirement System of New Jersey grew its position in Cytokinetics by 5.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 26,231 shares of the biopharmaceutical company’s stock worth $867,000 after buying an additional 1,320 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Cytokinetics by 8.8% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 30,684 shares of the biopharmaceutical company’s stock worth $1,014,000 after buying an additional 2,474 shares in the last quarter.

Cytokinetics Company Profile

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.