Key Points
- CEO Robert Blum sold 7,500 Cytokinetics shares at an average price of $65.46, generating $490,950 under a pre-arranged Rule 10b5-1 trading plan. He retains 278,544 shares, representing a 2.62% reduction in his direct ownership.
- Cytokinetics reported quarterly revenue of $28.62 million and an adjusted loss of $1.50 per share, beating analyst estimates, though revenue declined 57.1% year over year.
- Analysts remain broadly optimistic, with an overall “Moderate Buy” rating and a consensus price target of $103.37, compared with the stock’s reported opening price of $66.16.
Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) CEO Robert Blum sold 7,500 shares of Cytokinetics stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $65.46, for a total value of $490,950.00. Following the sale, the chief executive officer directly owned 278,544 shares of the company's stock, valued at approximately $18,233,490.24. The trade was a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cytokinetics Price Performance
Shares of NASDAQ CYTK opened at $66.16 on Tuesday. The stock's fifty day moving average price is $74.73 and its two-hundred day moving average price is $73.13. The firm has a market cap of $8.23 billion, a price-to-earnings ratio of -9.16 and a beta of 0.36. Cytokinetics, Incorporated has a one year low of $50.15 and a one year high of $88.31.
Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, beating the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million during the quarter, compared to analyst estimates of $17.59 million. During the same quarter last year, the company posted ($1.12) earnings per share. The company's revenue was down 57.1% on a year-over-year basis. On average, equities analysts anticipate that Cytokinetics, Incorporated will post -5.98 earnings per share for the current fiscal year.
Institutional Trading of Cytokinetics
Large investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC bought a new stake in Cytokinetics in the second quarter valued at approximately $36,000. Rockefeller Capital Management L.P. boosted its stake in shares of Cytokinetics by 842.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company's stock valued at $41,000 after purchasing an additional 573 shares during the last quarter. Clearstead Advisors LLC increased its position in shares of Cytokinetics by 97.1% during the fourth quarter. Clearstead Advisors LLC now owns 670 shares of the biopharmaceutical company's stock worth $43,000 after buying an additional 330 shares during the period. Western Wealth Management LLC acquired a new stake in shares of Cytokinetics during the first quarter worth $53,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Cytokinetics by 55.0% during the first quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the biopharmaceutical company's stock worth $102,000 after buying an additional 549 shares during the period.
Analyst Ratings Changes
A number of research analysts have issued reports on CYTK shares. JPMorgan Chase & Co. increased their target price on shares of Cytokinetics from $97.00 to $103.00 and gave the stock an "overweight" rating in a research report on Thursday, August 13th. Needham & Company LLC boosted their price target on Cytokinetics from $102.00 to $112.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Barclays boosted their price target on Cytokinetics from $95.00 to $110.00 and gave the company an "overweight" rating in a research note on Thursday, August 13th. Royal Bank Of Canada reduced their price target on Cytokinetics from $117.00 to $112.00 and set an "outperform" rating on the stock in a research report on Friday, August 7th. Finally, Truist Financial raised their price objective on Cytokinetics from $106.00 to $112.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Eighteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Cytokinetics currently has an average rating of "Moderate Buy" and a consensus target price of $103.37.
Read Our Latest Analysis on Cytokinetics
About Cytokinetics
(
Get Free Report)
Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.
Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.
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