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

Key Points

• CEO sale: Cytokinetics CEO Robert Blum sold 7,500 shares on April 15 at an average price of $65.38 for $490,350, trimming his stake by 1.77% to 415,330 shares; the trade was executed under a pre‑arranged Rule 10b5‑1 plan.
• Stock and analyst view: CYTK traded around $65.37 with a market cap of $8.05B and a 1‑year range of $29.31–$70.98, and analysts maintain a Moderate Buy consensus with an average price target of $90.55.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) CEO Robert Blum sold 7,500 shares of Cytokinetics 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 in the company, valued at $27,154,275.40. The trade was a 1.77% decrease in their position. The transaction was disclosed in a legal filing 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

CYTK stock traded down $0.98 during mid-day trading on Wednesday, hitting $65.37. 1,259,875 shares of the company were exchanged, compared to its average volume of 1,889,537. The firm has a market cap of $8.05 billion, a P/E ratio of -10.01 and a beta of 0.47. The firm's 50 day simple moving average is $63.97 and its 200 day simple moving average is $63.03. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $70.98.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing the consensus estimate 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 business's revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.26) EPS. On average, equities research analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Institutional Trading of Cytokinetics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Lisanti Capital Growth LLC acquired a new stake in shares of Cytokinetics in the third quarter valued at approximately $2,697,000. Sanders Morris Harris LLC acquired a new stake in shares of Cytokinetics in the third quarter valued at approximately $1,182,000. Hudson Bay Capital Management LP raised its holdings in shares of Cytokinetics by 15.4% in the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company's stock valued at $10,010,000 after purchasing an additional 24,345 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Cytokinetics in the third quarter valued at approximately $1,359,000. Finally, Moody Aldrich Partners LLC acquired a new stake in shares of Cytokinetics in the third quarter valued at approximately $4,532,000.

Analyst Upgrades and Downgrades

Several brokerages have commented on CYTK. Barclays raised their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an "overweight" rating in a report on Monday, April 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Cytokinetics in a report on Wednesday, January 21st. Leerink Partners restated an "outperform" rating on shares of Cytokinetics in a report on Tuesday, March 10th. Truist Financial raised their target price on shares of Cytokinetics from $84.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, February 3rd. Finally, The Goldman Sachs Group set a $95.00 target price on shares of Cytokinetics and gave the stock a "buy" rating in a report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Cytokinetics currently has an average rating of "Moderate Buy" and an average price target of $90.55.

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.

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