Emerald Mutual Fund Advisers Trust purchased a new position in Cytokinetics, Incorporated (NASDAQ:CYTK – Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 135,464 shares of the biopharmaceutical company’s stock, valued at approximately $8,928,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Cytokinetics by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after buying an additional 191,336 shares during the last quarter. Hudson Bay Capital Management LP increased its stake in shares of Cytokinetics by 15.4% in the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock worth $10,010,000 after buying an additional 24,345 shares during the last quarter. Cinctive Capital Management LP bought a new stake in shares of Cytokinetics in the third quarter worth $5,806,000. Foresite Capital Management IV LLC acquired a new stake in Cytokinetics in the third quarter valued at $25,188,000. Finally, HighVista Strategies LLC raised its holdings in Cytokinetics by 93.6% in the third quarter. HighVista Strategies LLC now owns 132,930 shares of the biopharmaceutical company’s stock valued at $7,306,000 after acquiring an additional 64,278 shares in the last quarter.
Insider Activity
In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $86.62, for a total value of $303,170.00. Following the completion of the transaction, the executive vice president directly owned 153,902 shares in the company, valued at $13,330,991.24. The trade was a 2.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Edward M. Md Kaye sold 2,933 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $76.09, for a total value of $223,171.97. Following the transaction, the director directly owned 10,283 shares of the company’s stock, valued at $782,433.47. This trade represents a 22.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 142,985 shares of company stock valued at $10,413,592 over the last quarter. Corporate insiders own 2.60% of the company’s stock.
Analyst Upgrades and Downgrades
Check Out Our Latest Analysis on Cytokinetics
Cytokinetics Price Performance
Shares of CYTK opened at $82.24 on Tuesday. The stock has a market capitalization of $10.23 billion, a PE ratio of -12.02 and a beta of 0.42. The business’s fifty day moving average price is $77.62 and its 200 day moving average price is $68.72. Cytokinetics, Incorporated has a 12-month low of $32.89 and a 12-month high of $88.31.
Cytokinetics (NASDAQ:CYTK – Get Free Report) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. During the same quarter in the previous year, the firm earned ($1.36) EPS. The firm’s revenue for the quarter was up 1112.5% on a year-over-year basis. As a group, research analysts anticipate that Cytokinetics, Incorporated will post -6.22 earnings per share for the current fiscal year.
About Cytokinetics
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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