Key Points
- Cytokinetics CEO Robert Blum sold 7,500 shares on May 27 at an average price of $77.21, for total proceeds of $579,075. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Blum directly owned 392,830 shares worth about $30.3 million, a 1.87% decrease in his position.
- The stock has recently traded near its 52-week high, with shares opening at $76.81 and analysts maintaining a Moderate Buy consensus and an average price target of $99.30.
Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) CEO Robert Blum sold 7,500 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $77.21, for a total transaction of $579,075.00. Following the transaction, the chief executive officer directly owned 392,830 shares in the company, valued at approximately $30,330,404.30. This represents a 1.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cytokinetics Price Performance
Shares of Cytokinetics stock opened at $76.81 on Friday. The business's 50 day simple moving average is $68.66 and its two-hundred day simple moving average is $65.65. The stock has a market capitalization of $9.56 billion, a P/E ratio of -11.23 and a beta of 0.38. Cytokinetics, Incorporated has a one year low of $30.02 and a one year high of $80.20.
Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. Cytokinetics's revenue was up 1112.5% on a year-over-year basis. During the same period last year, the business earned ($1.36) EPS. Sell-side analysts expect that Cytokinetics, Incorporated will post -6.27 earnings per share for the current fiscal year.
Analyst Ratings Changes
CYTK has been the topic of several research reports. UBS Group set a $119.00 price objective on shares of Cytokinetics in a research note on Wednesday, May 6th. Stifel Nicolaus boosted their price objective on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. boosted their price objective on shares of Cytokinetics from $92.00 to $97.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. Bank of America reissued a "neutral" rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Finally, Citigroup initiated coverage on shares of Cytokinetics in a research note on Monday, May 18th. They set a "buy" rating and a $99.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $99.30.
Get Our Latest Stock Analysis on CYTK
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in the stock. Kemnay Advisory Services Inc. purchased a new stake in Cytokinetics in the fourth quarter worth about $27,000. Kestra Advisory Services LLC purchased a new stake in Cytokinetics in the fourth quarter worth about $29,000. TD Waterhouse Canada Inc. purchased a new stake in Cytokinetics in the fourth quarter worth about $32,000. Northwestern Mutual Wealth Management Co. increased its position 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 buying an additional 171 shares in the last quarter. Finally, Quarry LP purchased a new stake in Cytokinetics in the third quarter worth about $30,000.
About Cytokinetics
(
Get Free Report)
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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