Emerald Advisers LLC purchased a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 198,811 shares of the biopharmaceutical company’s stock, valued at approximately $13,104,000.
Several other large investors have also modified their holdings of CYTK. Kemnay Advisory Services Inc. bought a new stake in Cytokinetics during the fourth quarter valued at about $27,000. Kestra Advisory Services LLC acquired a new position in shares of Cytokinetics in the fourth quarter valued at $29,000. TD Waterhouse Canada Inc. acquired a new position in shares of Cytokinetics in the 4th quarter valued at $32,000. Northwestern Mutual Wealth Management Co. lifted its stake in Cytokinetics by 46.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after purchasing an additional 171 shares during the period. Finally, Quarry LP bought a new position in shares of Cytokinetics during the 3rd quarter worth approximately $30,000.
Analyst Ratings Changes
A number of research firms recently issued reports on CYTK. Wells Fargo & Company lifted their price target on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Mizuho raised their price target on Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 24th. UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $69.00 to $115.00 in a report on Monday, June 29th. Needham & Company LLC restated a “buy” rating and issued a $102.00 price target on shares of Cytokinetics in a report on Wednesday, June 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.90.
Cytokinetics Price Performance
CYTK stock opened at $82.24 on Tuesday. Cytokinetics, Incorporated has a 1 year low of $32.89 and a 1 year high of $88.31. The stock has a market cap of $10.23 billion, a price-to-earnings ratio of -12.02 and a beta of 0.42. The company has a 50 day simple moving average of $77.62 and a 200 day simple moving average of $68.72.
Cytokinetics (NASDAQ:CYTK – Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. The business’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.36) earnings per share. On average, equities research analysts anticipate that Cytokinetics, Incorporated will post -6.22 EPS for the current fiscal year.
Insider Buying and Selling
In other news, EVP Andrew Callos sold 15,857 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $65.00, for a total value of $1,030,705.00. Following the sale, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. This represents a 21.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the company’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $59.62, for a total transaction of $447,150.00. Following the sale, the chief executive officer directly owned 407,830 shares in the company, valued at $24,314,824.60. This trade represents a 1.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 142,985 shares of company stock worth $10,413,592 in the last 90 days. Corporate insiders own 2.60% of the company’s stock.
Cytokinetics Company Profile
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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