Key Points
- CEO Robert Blum sold 7,500 Cytokinetics shares at an average price of $76.76, generating $575,700. The Rule 10b5-1 transaction reduced his ownership by 1.95%, leaving him with 377,820 shares.
- Cytokinetics shares opened at $77.49 and have traded between $32.89 and $88.31 over the past year. The company recently reported a quarterly loss of $1.50 per share but exceeded analyst expectations and posted $28.62 million in revenue.
- Analysts remain broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $101.15; several firms recently raised their targets to between $103 and $140.
Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) CEO Robert Blum sold 7,500 shares of Cytokinetics stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $76.76, for a total value of $575,700.00. Following the completion of the sale, the chief executive officer owned 377,820 shares in the company, valued at approximately $29,001,463.20. This represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cytokinetics Trading Up 1.0%
Shares of NASDAQ CYTK opened at $77.49 on Tuesday. The firm has a fifty day simple moving average of $78.99 and a two-hundred day simple moving average of $71.05. Cytokinetics, Incorporated has a 12 month low of $32.89 and a 12 month high of $88.31. The firm has a market capitalization of $9.64 billion, a PE ratio of -10.73 and a beta of 0.39.
Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.63) by $0.13. The firm had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. During the same quarter in the prior year, the firm earned ($1.12) earnings per share. The company's revenue for the quarter was down 57.1% compared to the same quarter last year. On average, sell-side analysts predict that Cytokinetics, Incorporated will post -6.2 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on CYTK. Citizens Jmp raised their price objective on shares of Cytokinetics from $105.00 to $110.00 and gave the company a "market outperform" rating in a research note on Friday. UBS Group upgraded shares of Cytokinetics from a "neutral" rating to a "buy" rating and increased their price target for the company from $69.00 to $115.00 in a report on Monday, June 29th. Truist Financial raised their price target on shares of Cytokinetics from $106.00 to $112.00 and gave the company a "buy" rating in a research report on Monday. HC Wainwright boosted their price objective on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Finally, Morgan Stanley upped their price objective on Cytokinetics from $90.00 to $103.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $101.15.
Read Our Latest Research Report on Cytokinetics
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in the stock. Bank of Montreal Can grew its position in Cytokinetics by 1.2% during the 4th 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 during the last quarter. Kennedy Capital Management LLC raised its holdings in shares of 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 buying an additional 162 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of 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 during the last quarter. Vident Advisory LLC lifted its stake in shares of Cytokinetics by 1.4% during the fourth quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company's stock worth $1,046,000 after buying an additional 234 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Cytokinetics by 6.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,723 shares of the biopharmaceutical company's stock worth $237,000 after buying an additional 239 shares during the period.
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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