Affinity Asset Advisors LLC raised its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 75.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,000 shares of the biopharmaceutical company’s stock after buying an additional 30,000 shares during the period. Affinity Asset Advisors LLC owned 0.08% of Cytokinetics worth $1,385,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. US Bancorp DE raised its holdings in Cytokinetics by 144.8% during the second quarter. US Bancorp DE now owns 1,687 shares of the biopharmaceutical company’s stock valued at $33,000 after buying an additional 998 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Cytokinetics during the first quarter valued at approximately $44,000. Captrust Financial Advisors boosted its holdings in Cytokinetics by 1,422.1% during the first quarter. Captrust Financial Advisors now owns 2,131 shares of the biopharmaceutical company’s stock valued at $50,000 after purchasing an additional 1,991 shares in the last quarter. Pinz Capital Management LP bought a new position in shares of Cytokinetics in the first quarter valued at approximately $109,000. Finally, E Fund Management Co. Ltd. bought a new position in shares of Cytokinetics in the first quarter valued at approximately $141,000. Institutional investors own 90.54% of the company’s stock.
In other Cytokinetics news, insider David Cragg sold 7,569 shares of the firm’s stock in a transaction that occurred on Friday, October 1st. The shares were sold at an average price of $35.14, for a total value of $265,974.66. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 22nd. The shares were sold at an average price of $29.82, for a total transaction of $149,100.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,150 shares of company stock worth $1,281,831. Insiders own 5.70% of the company’s stock.
Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, August 5th. The biopharmaceutical company reported ($0.86) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.66) by ($0.20). The company had revenue of $2.84 million during the quarter, compared to the consensus estimate of $5.68 million. Cytokinetics had a negative net margin of 269.48% and a negative return on equity of 179.39%. On average, sell-side analysts forecast that Cytokinetics, Incorporated will post -3.02 earnings per share for the current fiscal year.
Several research analysts recently weighed in on CYTK shares. HC Wainwright restated a “buy” rating and issued a $58.00 price objective on shares of Cytokinetics in a research report on Friday, October 8th. Barclays boosted their price objective on shares of Cytokinetics from $40.00 to $45.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 7th. Raymond James upped their target price on shares of Cytokinetics from $37.00 to $54.00 and gave the company an “outperform” rating in a research report on Monday, July 19th. Piper Sandler dropped their target price on shares of Cytokinetics from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, August 9th. Finally, Cantor Fitzgerald upped their target price on shares of Cytokinetics from $48.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Cytokinetics currently has an average rating of “Buy” and an average price target of $47.00.
Cytokinetics Company Profile
Cytokinetics, Inc operates as a biopharmaceutical company. The firm focuses on the discovery and development of muscle activators as potential treatment for debilitating diseases. It conducts a Phase 2 clinical trials program for tirasemtiv, including a Phase 2b clinical trial in patients with ALS, known as BENEFIT-ALS (Blinded Evaluation of Neuromuscular Effects and Functional Improvement with Tirasemtiv in ALS).
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