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

Key Points

• CEO Robert Blum sold 7,500 Cytokinetics shares at an average price of $62.81, generating $471,075. The sale occurred under a pre-arranged Rule 10b5-1 trading plan, leaving him with 278,544 shares.
• Cytokinetics shares traded near $62.03, well below their 52-week high of $88.31. The company reported a quarterly loss of $1.50 per share but exceeded analyst expectations on both EPS and revenue.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $105.44, although some firms maintain sell ratings.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) CEO Robert Blum sold 7,500 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $17,495,348.64. This represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

NASDAQ:CYTK traded down $0.96 during mid-day trading on Monday, reaching $62.03. The stock had a trading volume of 1,561,031 shares, compared to its average volume of 2,090,451. The stock has a market capitalization of $7.72 billion, a P/E ratio of -8.59 and a beta of 0.45. The firm has a 50 day moving average price of $67.50 and a two-hundred day moving average price of $70.07. Cytokinetics, Incorporated has a one year low of $58.05 and a one year high of $88.31.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, beating analysts' consensus estimates of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. The firm's revenue was down 57.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.12) earnings per share. Research analysts forecast that Cytokinetics, Incorporated will post -5.97 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. William Blair began coverage on shares of Cytokinetics in a research report on Friday, October 16th. They issued an "outperform" rating on the stock. Morgan Stanley upgraded shares of Cytokinetics from an "overweight" rating to a "buy" rating in a research report on Tuesday, September 1st. JPMorgan Chase & Co. raised their price objective on Cytokinetics from $97.00 to $103.00 and gave the company an "overweight" rating in a research note on Thursday, August 13th. Wall Street Zen cut Cytokinetics from a "hold" rating to a "sell" rating in a research note on Tuesday, October 20th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Cytokinetics in a research note on Thursday, October 15th. Nineteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $105.44.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC bought a new stake in Cytokinetics during the 2nd quarter valued at approximately $36,000. Physician Wealth Advisors Inc. grew its holdings in shares of Cytokinetics by 810.2% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 446 shares of the biopharmaceutical company's stock worth $29,000 after acquiring an additional 397 shares during the period. V Square Quantitative Management LLC raised its position in shares of Cytokinetics by 71.5% in the 3rd quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company's stock worth $30,000 after acquiring an additional 191 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Cytokinetics by 842.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company's stock worth $41,000 after acquiring an additional 573 shares in the last quarter. Finally, Manchester Capital Management LLC bought a new position in shares of Cytokinetics in the 3rd quarter worth approximately $43,000.

About Cytokinetics

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.