Essex Investment Management Co. LLC increased its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 60.3% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 46,529 shares of the biopharmaceutical company’s stock after buying an additional 17,510 shares during the period. Essex Investment Management Co. LLC owned about 0.10% of Cytokinetics, worth $563,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new stake in Cytokinetics, during the second quarter valued at approximately $109,000. Municipal Employees Retirement System of Michigan bought a new stake in Cytokinetics, during the second quarter valued at approximately $132,000. LMR Partners LLP bought a new stake in Cytokinetics, during the first quarter valued at approximately $156,000. Bank of America Corp DE boosted its position in Cytokinetics, by 36.8% in the first quarter. Bank of America Corp DE now owns 12,571 shares of the biopharmaceutical company’s stock valued at $162,000 after buying an additional 3,383 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its position in Cytokinetics, by 1.4% in the first quarter. Parametric Portfolio Associates LLC now owns 13,333 shares of the biopharmaceutical company’s stock valued at $171,000 after buying an additional 189 shares during the last quarter. 59.76% of the stock is owned by institutional investors and hedge funds.
Cytokinetics, Incorporated (CYTK) opened at 12.15 on Friday. The firm’s market capitalization is $652.04 million. The company has a 50-day moving average price of $13.43 and a 200-day moving average price of $13.03. Cytokinetics, Incorporated has a 1-year low of $8.51 and a 1-year high of $17.20.
Cytokinetics, (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.57) by $0.03. Cytokinetics, had a negative return on equity of 14.15% and a negative net margin of 16.00%. The business had revenue of $3.05 million during the quarter, compared to analyst estimates of $5.28 million. On average, equities research analysts predict that Cytokinetics, Incorporated will post ($2.08) earnings per share for the current fiscal year.
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A number of equities research analysts recently weighed in on CYTK shares. BidaskClub upgraded Cytokinetics, from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. HC Wainwright reissued a “buy” rating and set a $25.00 price target on shares of Cytokinetics, in a research note on Tuesday, April 25th. Zacks Investment Research raised Cytokinetics, from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a research note on Tuesday, July 11th. Cowen and Company reissued a “buy” rating and set a $19.00 price target on shares of Cytokinetics, in a research note on Friday, August 4th. Finally, ValuEngine raised Cytokinetics, from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Cytokinetics, presently has a consensus rating of “Buy” and an average price target of $21.30.
In other Cytokinetics, news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $12.14, for a total value of $60,700.00. Following the transaction, the chief executive officer now directly owns 88,385 shares of the company’s stock, valued at approximately $1,072,993.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Caryn Gordon Mcdowell sold 11,348 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $12.47, for a total transaction of $141,509.56. Following the completion of the transaction, the insider now directly owns 21,570 shares in the company, valued at $268,977.90. The disclosure for this sale can be found here. Insiders sold a total of 26,348 shares of company stock valued at $339,260 in the last quarter. Corporate insiders own 7.20% of the company’s stock.
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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