Robert I. Blum Sells 12,648 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) Stock

Cytokinetics, Incorporated (NASDAQ:CYTK) CEO Robert I. Blum sold 12,648 shares of Cytokinetics stock in a transaction on Monday, March 17th. The shares were sold at an average price of $44.38, for a total transaction of $561,318.24. Following the completion of the transaction, the chief executive officer now owns 326,533 shares in the company, valued at approximately $14,491,534.54. This trade represents a 3.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Cytokinetics Trading Down 3.6 %

Shares of CYTK stock opened at $43.28 on Wednesday. The firm has a 50-day moving average price of $46.15 and a 200 day moving average price of $50.13. Cytokinetics, Incorporated has a twelve month low of $40.53 and a twelve month high of $75.71. The company has a market capitalization of $5.12 billion, a price-to-earnings ratio of -8.04 and a beta of 0.95. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, beating the consensus estimate of ($1.29) by $0.03. The firm had revenue of $16.93 million during the quarter, compared to analyst estimates of $14.26 million. Research analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Harvey Capital Management Inc. acquired a new position in Cytokinetics in the 4th quarter valued at about $1,040,000. Westfield Capital Management Co. LP increased its stake in shares of Cytokinetics by 38.9% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock valued at $64,040,000 after acquiring an additional 339,373 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Cytokinetics by 42.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock valued at $69,769,000 after acquiring an additional 395,709 shares during the last quarter. abrdn plc increased its stake in shares of Cytokinetics by 29.4% during the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock valued at $21,192,000 after acquiring an additional 102,457 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Cytokinetics by 24.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 344,448 shares of the biopharmaceutical company’s stock worth $18,187,000 after purchasing an additional 68,381 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research report on Friday, February 28th. Stifel Nicolaus assumed coverage on shares of Cytokinetics in a research report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 target price on the stock. Royal Bank of Canada boosted their target price on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Mizuho boosted their target price on shares of Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Finally, Citigroup started coverage on shares of Cytokinetics in a research report on Friday, February 7th. They set a “buy” rating and a $86.00 target price on the stock. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $82.00.

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.