Insider Selling: Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Sells 11,500 Shares of 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 sale, the chief executive officer now owns 399,412 shares of the company’s stock, valued at approximately $23,761,019.88. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Cytokinetics Stock Down 1.9 %

Shares of CYTK stock traded down $1.15 during trading hours on Wednesday, hitting $59.01. 1,321,481 shares of the company were exchanged, compared to its average volume of 2,502,568. The firm has a market cap of $6.19 billion, a PE ratio of -11.14 and a beta of 0.75. Cytokinetics, Incorporated has a 1 year low of $25.98 and a 1 year high of $110.25. The firm has a fifty day moving average of $53.96 and a 200 day moving average of $65.24.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data 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 firm had revenue of $0.84 million for the quarter, compared to the consensus estimate of $0.91 million. During the same quarter in the prior year, the company earned ($1.38) EPS. The firm’s revenue for the quarter was down 81.8% on a year-over-year basis. Analysts expect that Cytokinetics, Incorporated will post -4.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CYTK shares. JMP Securities decreased their price target on Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating for the company in a research note on Tuesday, May 28th. Barclays decreased their target price on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Bank of America dropped their price objective on Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, May 23rd. Needham & Company LLC cut their price objective on Cytokinetics from $108.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. Finally, Raymond James decreased their target price on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $77.06.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors have recently modified their holdings of CYTK. HealthInvest Partners AB bought a new stake in Cytokinetics during the fourth quarter worth approximately $980,000. Vestal Point Capital LP bought a new stake in Cytokinetics in the 4th quarter valued at $4,174,000. Victory Capital Management Inc. grew its holdings in Cytokinetics by 1,040.4% in the 4th quarter. Victory Capital Management Inc. now owns 191,654 shares of the biopharmaceutical company’s stock valued at $16,001,000 after buying an additional 174,848 shares in the last quarter. State of Michigan Retirement System acquired a new stake in Cytokinetics in the first quarter valued at about $1,690,000. Finally, Louisiana State Employees Retirement System bought a new position in shares of Cytokinetics during the fourth quarter worth about $4,099,000.

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.