Massachusetts Financial Services Co. MA Acquires New Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Massachusetts Financial Services Co. MA bought a new position in Cytokinetics, Incorporated (NASDAQ:CYTK) in the second quarter, Holdings Channel.com reports. The institutional investor bought 276,067 shares of the biopharmaceutical company’s stock, valued at approximately $14,957,000.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Cytokinetics by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after acquiring an additional 273,565 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in shares of Cytokinetics during the first quarter worth $51,277,000. Norges Bank purchased a new stake in shares of Cytokinetics during the 4th quarter valued at $60,299,000. Hood River Capital Management LLC boosted its position in shares of Cytokinetics by 24.2% in the 1st quarter. Hood River Capital Management LLC now owns 696,647 shares of the biopharmaceutical company’s stock worth $48,842,000 after purchasing an additional 135,666 shares in the last quarter. Finally, Fisher Asset Management LLC purchased a new position in Cytokinetics during the 4th quarter worth $44,754,000.

Cytokinetics Trading Down 3.3 %

Shares of NASDAQ:CYTK opened at $53.77 on Friday. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93. Cytokinetics, Incorporated has a 12-month low of $25.98 and a 12-month high of $110.25. The business has a 50 day moving average of $56.26 and a two-hundred day moving average of $59.38. The company has a market capitalization of $5.64 billion, a PE ratio of -9.96 and a beta of 0.77.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The firm had revenue of $0.25 million for the quarter, compared to analysts’ expectations of $7.61 million. During the same period last year, the business posted ($1.34) earnings per share. Cytokinetics’s quarterly revenue was down 71.3% on a year-over-year basis. As a group, analysts forecast that Cytokinetics, Incorporated will post -5.15 EPS for the current year.

Insider Transactions at Cytokinetics

In related news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total value of $285,150.00. Following the completion of the transaction, the chief executive officer now owns 397,456 shares in the company, valued at approximately $22,666,915.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total transaction of $285,150.00. Following the completion of the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at approximately $22,666,915.68. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $53.72, for a total transaction of $392,156.00. Following the completion of the sale, the executive vice president now directly owns 133,004 shares in the company, valued at approximately $7,144,974.88. The disclosure for this sale can be found here. Insiders have sold a total of 107,837 shares of company stock valued at $6,018,383 in the last ninety days. 3.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. B. Riley decreased their price target on Cytokinetics from $122.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Truist Financial decreased their price objective on shares of Cytokinetics from $86.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. JPMorgan Chase & Co. boosted their target price on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a report on Tuesday, September 3rd. Finally, The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $85.00 to $60.00 in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.67.

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.