Cim Investment Management Inc. Buys Shares of 3,156 Cytokinetics, Incorporated (NASDAQ:CYTK)

Cim Investment Management Inc. purchased a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,156 shares of the biopharmaceutical company’s stock, valued at approximately $263,000.

A number of other institutional investors and hedge funds have also modified their holdings of CYTK. First Turn Management LLC purchased a new position in shares of Cytokinetics in the fourth quarter valued at $67,414,000. Norges Bank acquired a new position in Cytokinetics during the fourth quarter worth about $60,299,000. Assenagon Asset Management S.A. purchased a new stake in shares of Cytokinetics in the fourth quarter valued at about $46,308,000. Fisher Asset Management LLC acquired a new stake in shares of Cytokinetics in the fourth quarter valued at approximately $44,747,000. Finally, Vanguard Group Inc. increased its stake in shares of Cytokinetics by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 10,743,324 shares of the biopharmaceutical company’s stock worth $316,498,000 after purchasing an additional 472,595 shares in the last quarter.

Insider Activity at Cytokinetics

In other Cytokinetics news, Director Robert Arthur Harrington sold 1,580 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $48.64, for a total transaction of $76,851.20. Following the transaction, the director now owns 15,541 shares of the company’s stock, valued at approximately $755,914.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Cytokinetics news, Director Robert Arthur Harrington sold 1,580 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $48.64, for a total transaction of $76,851.20. Following the completion of the sale, the director now owns 15,541 shares in the company, valued at $755,914.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Robert Wong sold 13,011 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $48.88, for a total transaction of $635,977.68. Following the sale, the chief accounting officer now directly owns 16,653 shares in the company, valued at $813,998.64. The disclosure for this sale can be found here. Insiders sold a total of 105,593 shares of company stock valued at $6,445,984 over the last three months. 3.40% of the stock is owned by insiders.

Cytokinetics Price Performance

Shares of CYTK opened at $52.71 on Friday. The stock has a 50-day moving average price of $61.06 and a 200 day moving average price of $65.40. Cytokinetics, Incorporated has a one year low of $25.98 and a one year high of $110.25.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The company had revenue of $0.84 million for the quarter, compared to analysts’ expectations of $0.91 million. Cytokinetics’s quarterly revenue was down 81.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.38) earnings per share. On average, equities research analysts anticipate that Cytokinetics, Incorporated will post -4.55 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on CYTK. Oppenheimer reduced their target price on Cytokinetics from $107.00 to $106.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Bank of America reduced their price objective on Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, May 23rd. Truist Financial dropped their price objective on Cytokinetics from $86.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. Barclays reduced their target price on shares of Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. Finally, Needham & Company LLC lowered their price target on shares of Cytokinetics from $108.00 to $72.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $76.41.

Cytokinetics Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.