Insider Selling: Cytokinetics (NASDAQ:CYTK) CEO Sells $575,700.00 in Stock

Key Points

• CEO Robert Blum sold 7,500 Cytokinetics shares for approximately $575,700 under a pre-arranged Rule 10b5-1 trading plan, reducing his direct holdings by 1.95% to 377,820 shares.
• Cytokinetics shares rose 1.0% to $77.49, while the company reported quarterly revenue of $28.62 million and an adjusted loss of $1.50 per share, both ahead of analyst expectations.
• Analysts maintain a largely positive outlook, with a consensus “Moderate Buy” rating and an average price target of $101.15, despite one recent downgrade to “Sell.”

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) CEO Robert Blum sold 7,500 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $76.76, for a total value of $575,700.00. Following the transaction, the chief executive officer directly owned 377,820 shares of the company's stock, valued at $29,001,463.20. This represents a 1.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Trading Up 1.0%

CYTK traded up $0.73 during midday trading on Monday, reaching $77.49. The company's stock had a trading volume of 2,270,661 shares, compared to its average volume of 2,182,897. The stock has a market cap of $9.64 billion, a P/E ratio of -10.73 and a beta of 0.39. The company has a fifty day simple moving average of $78.91 and a 200 day simple moving average of $70.96. Cytokinetics, Incorporated has a twelve month low of $32.89 and a twelve month 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, topping analysts' consensus estimates of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. The firm's quarterly revenue was down 57.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.12) earnings per share. Sell-side analysts expect that Cytokinetics, Incorporated will post -6.2 earnings per share for the current year.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently bought and sold shares of CYTK. EverSource Wealth Advisors LLC boosted its position in shares of 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 acquiring an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new position in Cytokinetics in the fourth quarter worth about $27,000. Kestra Advisory Services LLC bought a new position in Cytokinetics during the fourth quarter worth about $29,000. Quarry LP bought a new position in Cytokinetics during the third quarter worth about $30,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in shares of Cytokinetics in the 4th quarter valued at $32,000.

Analyst Ratings Changes

Several analysts have issued reports on CYTK shares. Mizuho raised their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 24th. Wall Street Zen cut shares of Cytokinetics from a "hold" rating to a "sell" rating in a research note on Saturday. Wells Fargo & Company increased their target price on shares of Cytokinetics from $95.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. UBS Group upgraded Cytokinetics from a "neutral" rating to a "buy" rating and boosted their price target for the company from $69.00 to $115.00 in a research note on Monday, June 29th. Finally, JPMorgan Chase & Co. upped their price target on Cytokinetics from $92.00 to $97.00 and gave the company an "overweight" rating in a report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $101.15.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source