Cetera Investment Advisers Boosts Stock Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Cetera Investment Advisers lifted its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 128.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,320 shares of the biopharmaceutical company’s stock after buying an additional 15,366 shares during the period. Cetera Investment Advisers’ holdings in Cytokinetics were worth $1,480,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. J.Safra Asset Management Corp raised its position in shares of Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 456 shares during the period. EntryPoint Capital LLC purchased a new stake in Cytokinetics during the 1st quarter worth approximately $74,000. Bessemer Group Inc. boosted its holdings in shares of Cytokinetics by 25,100.0% in the 1st quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after acquiring an additional 1,255 shares during the last quarter. Quarry LP lifted its stake in shares of Cytokinetics by 233.3% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after purchasing an additional 1,400 shares during the period. Finally, Kennedy Capital Management LLC acquired a new position in Cytokinetics during the first quarter worth $224,000.

Cytokinetics Stock Performance

Shares of CYTK opened at $55.38 on Wednesday. The business’s 50 day moving average is $55.05 and its two-hundred day moving average is $57.62. Cytokinetics, Incorporated has a 52-week low of $30.37 and a 52-week high of $110.25. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of -10.26 and a beta of 0.77. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last issued 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 business had revenue of $0.25 million during the quarter, compared to analysts’ expectations of $7.61 million. During the same quarter in the previous year, the company earned ($1.34) earnings per share. Cytokinetics’s revenue for the quarter was down 71.3% compared to the same quarter last year. Analysts forecast that Cytokinetics, Incorporated will post -5.15 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on CYTK. JPMorgan Chase & Co. increased their target price 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 reissued a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a 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 report on Tuesday, August 13th. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Monday, September 9th. Finally, HC Wainwright boosted their target price on shares of Cytokinetics from $90.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.93.

Insider Transactions at Cytokinetics

In other news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction on Wednesday, October 9th. The stock was 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 of the company’s stock, valued at $22,102,528.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $57.02, for a total value of $416,246.00. Following the completion of the sale, the executive vice president now directly owns 129,004 shares in the company, valued at approximately $7,355,808.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $55.61, for a total value of $278,050.00. Following the completion of the sale, the chief executive officer now 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 77,284 shares of company stock valued at $4,327,311. 3.40% of the stock is currently owned by corporate 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.