American International Group Inc. increased its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 7.1% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 20,852 shares of the biopharmaceutical company’s stock after buying an additional 1,380 shares during the period. American International Group Inc. owned 0.05% of Cytokinetics, worth $268,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Acadian Asset Management LLC acquired a new position in shares of Cytokinetics, during the first quarter worth about $4,302,000. Oxford Asset Management purchased a new position in Cytokinetics, during the first quarter valued at $2,491,000. Russell Investments Group Ltd. purchased a new position in Cytokinetics, during the first quarter valued at $2,137,000. TFS Capital LLC purchased a new position in Cytokinetics, during the first quarter valued at $1,233,000. Finally, Norges Bank purchased a new position in Cytokinetics, during the fourth quarter valued at $976,000. Hedge funds and other institutional investors own 59.65% of the company’s stock.
Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) opened at 13.50 on Friday. The company’s market capitalization is $650.93 million. The company’s 50-day moving average is $13.67 and its 200-day moving average is $12.95. Cytokinetics, Incorporated has a 12-month low of $8.51 and a 12-month high of $17.20.
Cytokinetics, (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by $0.03. The company had revenue of $3.05 million during the quarter, compared to analyst estimates of $5.28 million. Cytokinetics, had a negative net margin of 16.00% and a negative return on equity of 17.38%. Analysts predict that Cytokinetics, Incorporated will post ($2.02) EPS for the current year.
Several brokerages have commented on CYTK. HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of Cytokinetics, in a research report on Tuesday, April 25th. BidaskClub raised shares of Cytokinetics, from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Morgan Stanley began coverage on shares of Cytokinetics, in a research note on Monday. They set an “overweight” rating and a $24.00 price objective for the company. Cowen and Company reaffirmed an “outperform” rating and set a $19.00 price objective (up previously from $17.00) on shares of Cytokinetics, in a research note on Saturday, April 29th. Finally, Zacks Investment Research cut shares of Cytokinetics, from a “buy” rating to a “sell” rating in a research note on Monday, July 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Cytokinetics, has a consensus rating of “Buy” and a consensus price target of $21.20.
In other news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $12.14, for a total transaction of $60,700.00. Following the sale, the chief executive officer now owns 88,385 shares of the company’s stock, valued at approximately $1,072,993.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 15,000 shares of company stock worth $197,750 in the last ninety days. 7.20% of the stock is owned by corporate insiders.
Cytokinetics, Company Profile
Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.
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