Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells 7,500 Shares

Key Points

• CEO Robert Blum sold 7,500 Cytokinetics shares for approximately $550,800 at an average price of $73.44, reducing his ownership by 1.95%. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan.
• Cytokinetics shares recently traded at $69.31, down $3.14, while the company reported a quarterly loss of $1.50 per share—better than analysts’ expectations—and revenue of $28.62 million.
• Wall Street remains broadly positive, with 18 analysts rating the stock a Buy and a consensus target price of $103.37, despite one Hold and one Sell rating.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) CEO Robert Blum sold 7,500 shares of the business's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $73.44, for a total value of $550,800.00. Following the sale, the chief executive officer owned 377,820 shares of the company's stock, valued at $27,747,100.80. The trade was a 1.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Price Performance

NASDAQ CYTK traded down $3.14 during trading hours on Tuesday, hitting $69.31. 2,576,604 shares of the company's stock traded hands, compared to its average volume of 2,121,944. Cytokinetics, Incorporated has a 52-week low of $47.22 and a 52-week high of $88.31. The company has a market capitalization of $8.62 billion, a PE ratio of -9.60 and a beta of 0.36. The firm's 50-day moving average is $77.79 and its 200-day moving average is $72.75.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million during the quarter, compared to analysts' expectations of $17.59 million. During the same quarter in the previous year, the company earned ($1.12) earnings per share. The firm's quarterly revenue was down 57.1% compared to the same quarter last year. Equities research analysts predict that Cytokinetics, Incorporated will post -5.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in Cytokinetics in the fourth quarter valued at $51,281,000. Siren L.L.C. purchased a new stake in Cytokinetics during the 1st quarter worth about $40,466,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Cytokinetics by 151,987.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company's stock worth $35,949,000 after buying an additional 565,393 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in shares of Cytokinetics during the 4th quarter worth about $21,803,000. Finally, BNP Paribas Financial Markets boosted its position in shares of Cytokinetics by 134.3% during the 4th quarter. BNP Paribas Financial Markets now owns 579,862 shares of the biopharmaceutical company's stock worth $36,844,000 after acquiring an additional 332,397 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Barclays boosted their target price on Cytokinetics from $95.00 to $110.00 and gave the company an "overweight" rating in a research report on Thursday, August 13th. Truist Financial lifted their price objective on Cytokinetics from $106.00 to $112.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Citigroup reiterated a "market outperform" rating on shares of Cytokinetics in a report on Friday, August 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cytokinetics in a research note on Friday, July 17th. Finally, Needham & Company LLC increased their target price on Cytokinetics from $102.00 to $112.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Eighteen 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $103.37.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.

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