Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells 5,000 Shares of Stock

Key Points

• Cytokinetics' CEO Robert Blum sold 5,000 shares of the company's stock at an average price of $49.77, resulting in a total transaction of $248,850.
• The company's stock experienced a 1.32% decrease in the CEO's ownership, bringing his total to 373,108 shares valued at approximately $18.57 million.
• Cytokinetics reported earnings of ($1.12) per share for the last quarter, surpassing the expected loss and showing significant revenue growth year-over-year.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) CEO Robert Blum sold 5,000 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $49.77, for a total transaction of $248,850.00. Following the transaction, the chief executive officer directly owned 373,108 shares in the company, valued at $18,569,585.16. The trade was a 1.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Cytokinetics Stock Performance

Cytokinetics stock traded down $1.69 during midday trading on Monday, hitting $49.44. 1,740,528 shares of the company's stock were exchanged, compared to its average volume of 1,862,441. The stock has a market cap of $5.92 billion, a price-to-earnings ratio of -9.69 and a beta of 0.62. The firm's 50 day simple moving average is $39.45 and its 200 day simple moving average is $37.79. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $59.39.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, beating the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million during the quarter, compared to analysts' expectations of $1.95 million. The firm's revenue was up 26727.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.31) EPS. On average, equities research analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CYTK has been the topic of a number of research analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a report on Monday, June 9th. HC Wainwright reaffirmed a "buy" rating on shares of Cytokinetics in a research report on Tuesday, September 2nd. Citigroup upped their price target on shares of Cytokinetics from $77.00 to $84.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. Barclays increased their price objective on shares of Cytokinetics from $53.00 to $71.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Finally, Stifel Nicolaus upped their target price on shares of Cytokinetics from $87.00 to $96.00 and gave the company a "buy" rating in a research note on Tuesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.38.

Hedge Funds Weigh In On Cytokinetics

Large investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its stake in Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after buying an additional 673 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after buying an additional 291 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Cytokinetics by 500.5% in the first quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock worth $44,000 after buying an additional 916 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Cytokinetics by 281.0% during the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after purchasing an additional 826 shares during the period. Finally, UMB Bank n.a. raised its position in Cytokinetics by 91.4% during the first quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock valued at $46,000 after acquiring an additional 552 shares in the last quarter.

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.

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