Inspire Investing LLC Grows Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Inspire Investing LLC grew its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 20.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,888 shares of the biopharmaceutical company’s stock after buying an additional 1,317 shares during the quarter. Inspire Investing LLC’s holdings in Cytokinetics were worth $416,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CYTK. Vanguard Group Inc. lifted its stake in Cytokinetics by 2.5% in the fourth 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 during the period. Darwin Global Management Ltd. purchased a new stake in shares of Cytokinetics in the 2nd quarter worth approximately $246,074,000. Integral Health Asset Management LLC lifted its position in shares of Cytokinetics by 122.2% in the 2nd quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock worth $54,180,000 after purchasing an additional 550,000 shares during the period. Hood River Capital Management LLC increased its holdings in Cytokinetics by 5.9% during the second quarter. Hood River Capital Management LLC now owns 737,637 shares of the biopharmaceutical company’s stock valued at $39,965,000 after buying an additional 40,990 shares during the period. Finally, Westfield Capital Management Co. LP bought a new position in Cytokinetics in the first quarter worth approximately $51,277,000.

Cytokinetics Price Performance

NASDAQ CYTK opened at $55.38 on Wednesday. The stock’s fifty day moving average price is $55.05 and its 200 day moving average price is $57.62. Cytokinetics, Incorporated has a 1 year low of $30.37 and a 1 year high of $110.25. The company has a debt-to-equity ratio of 5.93, a current ratio of 10.39 and a quick ratio of 10.39. The company has a market cap of $5.81 billion, a price-to-earnings ratio of -10.26 and a beta of 0.77.

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

Analyst Ratings Changes

Several brokerages have issued reports on CYTK. HC Wainwright increased their target price on Cytokinetics from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and cut their target price for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. JPMorgan Chase & Co. increased their price target on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. JMP Securities restated a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a report on Wednesday, September 4th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research note on Monday, September 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $83.93.

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $55.61, for a total transaction of $278,050.00. Following the completion of the sale, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $22,102,528.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $52.10, for a total transaction of $380,330.00. Following the sale, the executive vice president now directly owns 118,920 shares of the company’s stock, valued at approximately $6,195,732. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $55.61, for a total value of $278,050.00. Following the completion of the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at approximately $22,102,528.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 77,284 shares of company stock valued at $4,327,311. 3.40% of the stock is owned by insiders.

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.