Insider Selling: Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Sells $684,135.00 in Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert I. Blum sold 11,500 shares of Cytokinetics stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $59.49, for a total value of $684,135.00. Following the completion of the sale, the chief executive officer now directly owns 399,412 shares in the company, valued at $23,761,019.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $57.14 on Friday. Cytokinetics, Incorporated has a 1 year low of $25.98 and a 1 year high of $110.25. The business has a 50 day simple moving average of $54.31 and a two-hundred day simple moving average of $64.94. The firm has a market capitalization of $5.99 billion, a PE ratio of -10.58 and a beta of 0.75.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The company had revenue of $0.84 million during the quarter, compared to analysts’ expectations of $0.91 million. The business’s revenue for the quarter was down 81.8% compared to the same quarter last year. During the same period last year, the firm earned ($1.38) EPS. Equities research analysts expect that Cytokinetics, Incorporated will post -4.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CYTK. JMP Securities reduced their target price on Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating on the stock in a report on Tuesday, May 28th. Raymond James reduced their target price on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, May 23rd. Bank of America reduced their target price on Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, May 23rd. Needham & Company LLC reduced their price objective on Cytokinetics from $108.00 to $72.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. Finally, B. Riley reduced their price objective on Cytokinetics from $122.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.06.

Institutional Trading of Cytokinetics

Large investors have recently modified their holdings of the company. J.Safra Asset Management Corp boosted its holdings in shares of Cytokinetics by 642.3% in the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 456 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Cytokinetics by 94.1% in the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after purchasing an additional 318 shares during the period. GAMMA Investing LLC purchased a new stake in Cytokinetics during the fourth quarter worth $80,000. EntryPoint Capital LLC purchased a new stake in Cytokinetics during the first quarter worth $74,000. Finally, Bessemer Group Inc. lifted its holdings in Cytokinetics by 25,100.0% during the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after buying an additional 1,255 shares during the period.

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.