Robert I. Blum Sells 16,970 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert I. Blum sold 16,970 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $43.44, for a total value of $737,176.80. Following the transaction, the chief executive officer now directly owns 364,181 shares of the company’s stock, valued at $15,820,022.64. The trade was a 4.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $43.43 on Friday. The firm’s 50 day moving average is $46.72 and its two-hundred day moving average is $50.79. Cytokinetics, Incorporated has a fifty-two week low of $40.53 and a fifty-two week high of $75.71. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The company has a market cap of $5.14 billion, a P/E ratio of -8.07 and a beta of 0.95.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, topping the consensus estimate of ($1.29) by $0.03. The company had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million. Analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CYTK shares. Royal Bank of Canada raised their price target on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, December 18th. Mizuho upped their price target on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Stifel Nicolaus started coverage on shares of Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 target price on the stock. Morgan Stanley upgraded shares of Cytokinetics from an “equal weight” rating to an “overweight” rating and dropped their target price for the company from $70.00 to $67.00 in a report on Thursday, February 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Thursday, February 6th. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus target price of $82.00.

Institutional Trading of Cytokinetics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp raised its position in shares of Cytokinetics by 21.3% during the 3rd quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock worth $3,802,000 after buying an additional 12,565 shares in the last quarter. Harvey Capital Management Inc. acquired a new position in shares of Cytokinetics in the 4th quarter worth approximately $1,040,000. Westfield Capital Management Co. LP grew its stake in shares of Cytokinetics by 38.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock worth $64,040,000 after purchasing an additional 339,373 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Cytokinetics by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock worth $69,769,000 after purchasing an additional 395,709 shares during the last quarter. Finally, abrdn plc grew its stake in shares of Cytokinetics by 29.4% in the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock worth $21,192,000 after purchasing an additional 102,457 shares during the last quarter.

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.