Federated Hermes Inc. Raises Stock Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Federated Hermes Inc. raised its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 204.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,098 shares of the biopharmaceutical company’s stock after buying an additional 17,530 shares during the quarter. Federated Hermes Inc.’s holdings in Cytokinetics were worth $1,414,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. J.Safra Asset Management Corp raised its stake in shares of Cytokinetics by 642.3% in the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after acquiring an additional 456 shares during the period. EntryPoint Capital LLC purchased a new stake in Cytokinetics in the first quarter valued at approximately $74,000. Bessemer Group Inc. lifted its stake in Cytokinetics by 25,100.0% during the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 1,255 shares in the last quarter. nVerses Capital LLC acquired a new position in Cytokinetics during the second quarter worth $190,000. Finally, Kennedy Capital Management LLC acquired a new stake in shares of Cytokinetics in the first quarter valued at $224,000.

Insider Buying and Selling

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.22, for a total value of $271,100.00. Following the completion of the transaction, the director now owns 20,600 shares in the company, valued at $1,116,932. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $54.22, for a total value of $271,100.00. Following the completion of the sale, the director now directly owns 20,600 shares of the company’s stock, valued at approximately $1,116,932. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $53.71, for a total value of $392,083.00. Following the transaction, the executive vice president now owns 121,704 shares in the company, valued at approximately $6,536,721.84. The disclosure for this sale can be found here. Insiders have sold 107,837 shares of company stock worth $6,018,383 in the last ninety days. 3.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CYTK shares. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research note on Monday, September 9th. JMP Securities reissued a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research report on Wednesday, September 4th. The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. HC Wainwright reaffirmed a “buy” rating and set a $90.00 target price on shares of Cytokinetics in a research note on Friday. Finally, JPMorgan Chase & Co. raised 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and an average target price of $80.67.

Cytokinetics Trading Down 3.3 %

CYTK opened at $53.77 on Friday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 10.39. Cytokinetics, Incorporated has a one year low of $25.98 and a one year high of $110.25. The company has a market cap of $5.64 billion, a P/E ratio of -9.96 and a beta of 0.77. The business’s 50-day simple moving average is $56.26 and its 200-day simple moving average is $59.38.

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

Cytokinetics Company 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.