Quarry LP Boosts Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Quarry LP lifted its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 233.3% during the second quarter, Holdings Channel.com reports. The institutional investor owned 2,000 shares of the biopharmaceutical company’s stock after acquiring an additional 1,400 shares during the quarter. Quarry LP’s holdings in Cytokinetics were worth $108,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Creative Planning lifted its holdings in Cytokinetics by 56.1% during the second quarter. Creative Planning now owns 15,727 shares of the biopharmaceutical company’s stock worth $852,000 after acquiring an additional 5,649 shares during the period. Clearline Capital LP increased its position in shares of Cytokinetics by 332.4% during the 2nd quarter. Clearline Capital LP now owns 207,695 shares of the biopharmaceutical company’s stock valued at $11,253,000 after purchasing an additional 159,660 shares during the last quarter. Algert Global LLC raised its stake in shares of Cytokinetics by 63.5% during the 2nd quarter. Algert Global LLC now owns 71,408 shares of the biopharmaceutical company’s stock worth $3,869,000 after purchasing an additional 27,738 shares during the period. Susquehanna Fundamental Investments LLC raised its stake in shares of Cytokinetics by 86.8% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 125,271 shares of the biopharmaceutical company’s stock worth $6,787,000 after purchasing an additional 58,195 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Cytokinetics by 13.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 173,775 shares of the biopharmaceutical company’s stock worth $9,415,000 after buying an additional 20,206 shares during the last quarter.

Insider Buying and Selling

In related news, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $55.82, for a total transaction of $279,100.00. Following the completion of the transaction, the director now directly owns 20,600 shares in the company, valued at $1,149,892. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CEO Robert I. Blum sold 11,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $54.29, for a total value of $624,335.00. Following the sale, the chief executive officer now directly owns 399,412 shares of the company’s stock, valued at $21,684,077.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $55.82, for a total transaction of $279,100.00. Following the sale, the director now owns 20,600 shares of the company’s stock, valued at $1,149,892. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 96,337 shares of company stock worth $5,374,582. Corporate insiders own 3.40% of the company’s stock.

Cytokinetics Trading Down 0.4 %

Shares of Cytokinetics stock opened at $52.60 on Wednesday. The company’s 50-day moving average price is $55.61 and its 200-day moving average price is $58.58. 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 company has a market cap of $5.52 billion, a price-to-earnings ratio of -9.74 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 (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 analyst estimates of $7.61 million. Cytokinetics’s quarterly revenue was down 71.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.34) EPS. On average, equities analysts expect that Cytokinetics, Incorporated will post -5.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

CYTK has been the topic of several research reports. B. Riley lowered their price objective on shares of Cytokinetics from $122.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a report on Wednesday, September 4th. The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $85.00 to $60.00 in a report on Tuesday, August 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research report on Tuesday, September 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $90.00 price target on shares of Cytokinetics in a research note on Monday. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $80.67.

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.