Spark Investment Management LLC Cuts Position in Cytokinetics, Incorporated (NASDAQ:CYTK)
Spark Investment Management LLC cut its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 5.0% during the second quarter, Holdings Channel reports. The fund owned 62,400 shares of the biopharmaceutical company’s stock after selling 3,300 shares during the period. Spark Investment Management LLC’s holdings in Cytokinetics, were worth $755,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Cytokinetics, during the fourth quarter worth $976,000. Teachers Advisors LLC boosted its stake in shares of Cytokinetics, by 4.0% in the fourth quarter. Teachers Advisors LLC now owns 53,278 shares of the biopharmaceutical company’s stock worth $647,000 after buying an additional 2,025 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Cytokinetics, during the first quarter worth $4,302,000. Shell Asset Management Co. purchased a new stake in shares of Cytokinetics, during the first quarter worth $551,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Cytokinetics, during the first quarter worth $2,137,000. 59.76% of the stock is owned by institutional investors and hedge funds.
Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) opened at 12.15 on Friday. The firm’s 50-day moving average price is $13.43 and its 200-day moving average price is $13.03. The stock’s market capitalization is $652.04 million. Cytokinetics, Incorporated has a one year low of $8.51 and a one year high of $17.20.
Cytokinetics, (NASDAQ:CYTK) last announced its earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.57) by $0.03. The business had revenue of $3.05 million for the quarter, compared to analyst estimates of $5.28 million. Cytokinetics, had a negative net margin of 16.00% and a negative return on equity of 14.15%. Equities research analysts anticipate that Cytokinetics, Incorporated will post ($2.08) EPS for the current fiscal year.
A number of equities research analysts have recently weighed in on CYTK shares. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Cytokinetics, in a research note on Tuesday, April 25th. Cowen and Company reissued an “outperform” rating and set a $19.00 target price (up from $17.00) on shares of Cytokinetics, in a research note on Saturday, April 29th. Zacks Investment Research cut Cytokinetics, from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 4th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics, in a research note on Friday, May 19th. Finally, ValuEngine raised Cytokinetics, from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $21.30.
In other news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $13.62, for a total transaction of $68,100.00. Following the completion of the sale, the chief executive officer now directly owns 94,785 shares in the company, valued at $1,290,971.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Caryn Gordon Mcdowell sold 11,348 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $12.47, for a total value of $141,509.56. Following the sale, the insider now owns 21,570 shares of the company’s stock, valued at $268,977.90. The disclosure for this sale can be found here. Insiders have sold 26,348 shares of company stock valued at $339,260 over the last 90 days. Insiders own 7.20% of the company’s stock.
Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.
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