Robert Blum Sells 7,500 Shares of Cytokinetics (NASDAQ:CYTK) Stock

Key Points

• CEO Robert Blum sold 7,500 shares of Cytokinetics on April 29 at an average price of $59.62 for $447,150, executing the trade under a pre-arranged Rule 10b5-1 plan; his direct stake fell 1.81% to 407,830 shares (≈$24.3M).
• CYTK traded around $59.58 midday with volume of ~2.35M shares (above its ~1.85M average), a 52-week range of $29.31–$70.98, and a market cap near $7.4 billion.
• Wall Street sentiment is generally positive — MarketBeat lists a "Moderate Buy" consensus with a $90.55 average price target — despite negative recent earnings (Q4 EPS -$1.50) and an estimated -6.22 EPS for the current fiscal year.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) CEO Robert Blum sold 7,500 shares of Cytokinetics stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $59.62, for a total value of $447,150.00. Following the sale, the chief executive officer directly owned 407,830 shares in the company, valued at approximately $24,314,824.60. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded down $1.11 during midday trading on Wednesday, reaching $59.58. 2,352,705 shares of the company's stock were exchanged, compared to its average volume of 1,847,378. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $70.98. The stock has a market capitalization of $7.40 billion, a PE ratio of -9.12 and a beta of 0.47. The business's fifty day moving average price is $64.04 and its two-hundred day moving average price is $63.51.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.48) by ($0.02). The firm had revenue of $17.76 million during the quarter, compared to analyst estimates of $8.02 million. During the same quarter last year, the firm posted ($1.26) earnings per share. The business's revenue was up 4.9% on a year-over-year basis. Analysts predict that Cytokinetics, Incorporated will post -6.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CYTK has been the topic of a number of analyst reports. Morgan Stanley set a $90.00 target price on Cytokinetics in a research report on Thursday, January 8th. Needham & Company LLC lifted their target price on Cytokinetics from $84.00 to $85.00 and gave the stock a "buy" rating in a research report on Wednesday, February 25th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cytokinetics in a research report on Monday, April 20th. Jefferies Financial Group reaffirmed a "buy" rating and set a $90.00 target price on shares of Cytokinetics in a research report on Friday, January 9th. Finally, Robert W. Baird set a $84.00 price target on Cytokinetics in a research note on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Cytokinetics presently has an average rating of "Moderate Buy" and a consensus price target of $90.55.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently bought and sold shares of the company. Bank of Montreal Can grew its stake in Cytokinetics by 1.2% in the fourth quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company's stock worth $845,000 after purchasing an additional 160 shares in the last quarter. Kennedy Capital Management LLC grew its stake in Cytokinetics by 1.2% in the fourth quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company's stock worth $838,000 after purchasing an additional 162 shares in the last quarter. UMB Bank n.a. grew its stake in Cytokinetics by 10.6% in the third quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company's stock worth $97,000 after purchasing an additional 169 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company's stock worth $35,000 after purchasing an additional 171 shares in the last quarter. Finally, Vident Advisory LLC grew its stake in Cytokinetics by 1.4% in the fourth quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company's stock worth $1,046,000 after purchasing an additional 234 shares in the last quarter.

About Cytokinetics

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.

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