Robert Blum Sells 5,000 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Key Points

• CEO Robert Blum sold 5,000 shares of Cytokinetics for a total of $275,250, reducing his ownership by 1.34% to 368,108 shares valued at over $20 million.
• Cytokinetics reported a revenue of $66.77 million for the last quarter, significantly exceeding analysts' expectations, with a year-over-year revenue increase of over 26,700%.
• Analysts have boosted their target prices on Cytokinetics, with most providing a "buy" rating, indicating strong confidence in the stock's future performance.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) CEO Robert Blum sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $55.05, for a total value of $275,250.00. Following the sale, the chief executive officer directly owned 368,108 shares of the company's stock, valued at $20,264,345.40. This represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Cytokinetics Stock Performance

CYTK traded up $0.88 during midday trading on Wednesday, reaching $55.84. 2,066,492 shares of the company were exchanged, compared to its average volume of 1,927,204. The company's fifty day moving average price is $42.51 and its 200 day moving average price is $38.32. The company has a market cap of $6.68 billion, a price-to-earnings ratio of -10.95 and a beta of 0.62. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $59.39.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping analysts' consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to the consensus estimate of $1.95 million. The business's revenue for the quarter was up 26727.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.31) earnings per share. As a group, sell-side analysts anticipate that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors have recently bought and sold shares of the company. Praxis Investment Management Inc. purchased a new position in Cytokinetics in the third quarter valued at approximately $224,000. Thrivent Financial for Lutherans raised its holdings in Cytokinetics by 1.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 28,119 shares of the biopharmaceutical company's stock valued at $929,000 after acquiring an additional 449 shares during the period. Hudson Bay Capital Management LP raised its holdings in Cytokinetics by 7.1% during the 2nd quarter. Hudson Bay Capital Management LP now owns 157,786 shares of the biopharmaceutical company's stock valued at $5,213,000 after acquiring an additional 10,523 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in Cytokinetics by 13.8% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 78,544 shares of the biopharmaceutical company's stock valued at $2,596,000 after acquiring an additional 9,512 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in Cytokinetics by 29.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,086 shares of the biopharmaceutical company's stock valued at $366,000 after acquiring an additional 2,551 shares during the period.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Citigroup boosted their target price on Cytokinetics from $77.00 to $84.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Barclays boosted their target price on Cytokinetics from $53.00 to $71.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. Stifel Nicolaus boosted their target price on Cytokinetics from $87.00 to $96.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Wall Street Zen upgraded Cytokinetics from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 10th. Finally, Evercore ISI boosted their target price on Cytokinetics from $60.00 to $80.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $75.71.

Cytokinetics Company Profile

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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