Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells $300,150.00 in Stock

Key Points

• Cytokinetics CEO Robert Blum sold 5,000 shares of the company’s stock for a total of $300,150, resulting in a 1.36% decrease in his ownership.
• The company's stock price has seen a decline of 6.1%, closing at $58.96 after trading on heightened volume.
• Several analysts have recently raised their price targets for Cytokinetics shares, with the average price target now at $76.64 and a consensus rating of "Moderate Buy."

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) CEO Robert Blum sold 5,000 shares of the business's stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $60.03, for a total transaction of $300,150.00. Following the completion of the sale, the chief executive officer owned 363,108 shares in the company, valued at approximately $21,797,373.24. This trade represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Cytokinetics Trading Down 6.1%

CYTK stock traded down $3.84 on Thursday, hitting $58.96. 2,138,239 shares of the company's stock traded hands, compared to its average volume of 1,927,719. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of -11.56 and a beta of 0.67. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $63.86. The stock has a fifty day moving average of $47.53 and a 200-day moving average of $39.52.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.22. The business had revenue of $66.77 million during the quarter, compared to analyst estimates of $1.95 million. During the same quarter last year, the firm posted ($1.31) EPS. The company's quarterly revenue was up 26727.3% compared to the same quarter last year. On average, equities research analysts anticipate that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CYTK shares. Stifel Nicolaus upped their target price on Cytokinetics from $87.00 to $96.00 and gave the company a "buy" rating in a report on Tuesday, September 2nd. HC Wainwright reaffirmed a "buy" rating and set a $120.00 price objective on shares of Cytokinetics in a research note on Monday, September 29th. Evercore ISI raised their target price on shares of Cytokinetics from $60.00 to $80.00 and gave the stock an "outperform" rating in a report on Wednesday, September 3rd. Needham & Company LLC restated a "buy" rating and set a $72.00 price target on shares of Cytokinetics in a report on Tuesday, September 2nd. Finally, B. Riley raised their price objective on shares of Cytokinetics from $74.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $76.64.

Hedge Funds Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AMI Asset Management Corp bought a new stake in shares of Cytokinetics during the 3rd quarter worth about $840,000. Pacer Advisors Inc. acquired a new position in shares of Cytokinetics during the third quarter worth approximately $865,000. Farther Finance Advisors LLC boosted its position in shares of Cytokinetics by 68.4% in the third quarter. Farther Finance Advisors LLC now owns 1,115 shares of the biopharmaceutical company's stock valued at $61,000 after acquiring an additional 453 shares during the period. Voya Investment Management LLC grew its stake in shares of Cytokinetics by 34.1% in the third quarter. Voya Investment Management LLC now owns 54,644 shares of the biopharmaceutical company's stock worth $3,003,000 after acquiring an additional 13,882 shares during the last quarter. Finally, Sanders Morris Harris LLC bought a new position in Cytokinetics during the third quarter worth $1,182,000.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.