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

Key Points

• Robert I. Blum, CEO of Cytokinetics, sold 5,000 shares of the company's stock at an average price of $36.45, totaling $182,250.
• Following the sale, Blum retains 388,108 shares, equating to around $14.15 million and representing a 1.27% decrease in his ownership.
• Analysts maintain a positive outlook on Cytokinetics, with the stock rated as a "Moderate Buy" and an average price target of approximately $70.92.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $36.45, for a total value of $182,250.00. Following the completion of the sale, the chief executive officer directly owned 388,108 shares of the company's stock, valued at approximately $14,146,536.60. This trade represents a 1.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Cytokinetics Price Performance

Shares of Cytokinetics stock traded up $1.46 during midday trading on Thursday, reaching $37.64. The company had a trading volume of 1,784,130 shares, compared to its average volume of 1,762,851. The firm has a market cap of $4.50 billion, a PE ratio of -7.12 and a beta of 0.59. The stock has a fifty day moving average price of $34.14 and a 200 day moving average price of $39.25. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $61.27.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, beating the consensus estimate of ($1.41) by $0.05. The firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.77 million. The company's revenue was up 89.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.33) EPS. As a group, sell-side analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CYTK. Raymond James Financial Inc. bought a new position in Cytokinetics in the 4th quarter worth about $254,000. LPL Financial LLC increased its position in shares of Cytokinetics by 6.6% during the 4th quarter. LPL Financial LLC now owns 13,988 shares of the biopharmaceutical company's stock valued at $658,000 after purchasing an additional 870 shares during the last quarter. Norges Bank bought a new position in Cytokinetics during the 4th quarter worth approximately $46,556,000. DnB Asset Management AS grew its position in Cytokinetics by 24.7% during the 4th quarter. DnB Asset Management AS now owns 9,213 shares of the biopharmaceutical company's stock worth $433,000 after acquiring an additional 1,826 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Cytokinetics by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 545,813 shares of the biopharmaceutical company's stock worth $25,675,000 after acquiring an additional 9,366 shares during the last quarter.

Analyst Ratings Changes

CYTK has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $120.00 price target on shares of Cytokinetics in a research note on Monday, April 21st. Bank of America decreased their price objective on Cytokinetics from $62.00 to $54.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Needham & Company LLC reiterated a "buy" rating and issued a $72.00 price objective on shares of Cytokinetics in a research report on Wednesday, May 14th. JPMorgan Chase & Co. decreased their price objective on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a research report on Monday, June 9th. Finally, Mizuho decreased their price objective on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a research report on Thursday, May 29th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $70.92.

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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