Great Lakes Advisors LLC Acquires Shares of 23,002 Cytokinetics, Incorporated $CYTK

Great Lakes Advisors LLC acquired a new position in Cytokinetics, Incorporated (NASDAQ:CYTK) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 23,002 shares of the biopharmaceutical company’s stock, valued at approximately $1,960,000.

Other hedge funds have also modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new position in Cytokinetics during the fourth quarter worth approximately $27,000. Kestra Advisory Services LLC acquired a new stake in Cytokinetics in the fourth quarter valued at approximately $29,000. TD Waterhouse Canada Inc. purchased a new stake in shares of Cytokinetics in the fourth quarter valued at approximately $32,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after buying an additional 171 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of Cytokinetics during the 3rd quarter worth approximately $30,000.

Insider Buying and Selling

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the transaction, the director directly owned 15,784 shares of the company’s stock, valued at $1,169,278.72. This trade represents a 24.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total transaction of $1,111,200.00. Following the completion of the transaction, the executive vice president directly owned 58,555 shares in the company, valued at $4,337,754.40. This trade represents a 20.39% 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. Over the last three months, insiders have sold 118,679 shares of company stock worth $9,382,724. 2.60% of the stock is owned by insiders.

Cytokinetics Stock Performance

Shares of CYTK opened at $76.84 on Friday. The stock has a 50 day moving average price of $80.09 and a 200 day moving average price of $71.75. Cytokinetics, Incorporated has a one year low of $35.22 and a one year high of $88.31. The stock has a market capitalization of $9.56 billion, a price-to-earnings ratio of -10.64 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. The company’s revenue for the quarter was down 57.1% compared to the same quarter last year. During the same period last year, the firm earned ($1.12) EPS. On average, analysts predict that Cytokinetics, Incorporated will post -6 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Needham & Company LLC increased their target price on Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Morgan Stanley boosted their price target on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $69.00 to $115.00 in a research report on Monday, June 29th. Truist Financial increased their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a report on Monday, August 10th. Finally, Citizens Jmp lifted their target price on shares of Cytokinetics from $105.00 to $110.00 and gave the company a “market outperform” rating in a research report on Friday, August 7th. Nineteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.20.

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.