Pinebridge Investments L.P. Increases Stock Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Pinebridge Investments L.P. increased its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 42.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 36,404 shares of the biopharmaceutical company’s stock after purchasing an additional 10,889 shares during the quarter. Pinebridge Investments L.P.’s holdings in Cytokinetics were worth $1,712,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Retirement Systems of Alabama boosted its stake in shares of Cytokinetics by 1.0% in the 3rd quarter. Retirement Systems of Alabama now owns 142,930 shares of the biopharmaceutical company’s stock worth $7,547,000 after buying an additional 1,414 shares during the last quarter. Exome Asset Management LLC purchased a new position in Cytokinetics in the third quarter worth $3,093,000. Harbor Capital Advisors Inc. grew its stake in Cytokinetics by 6.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 45,130 shares of the biopharmaceutical company’s stock valued at $2,123,000 after purchasing an additional 2,604 shares during the period. Mirador Capital Partners LP increased its position in shares of Cytokinetics by 1.6% during the 4th quarter. Mirador Capital Partners LP now owns 65,636 shares of the biopharmaceutical company’s stock valued at $3,088,000 after purchasing an additional 1,010 shares during the last quarter. Finally, Inspire Investing LLC raised its stake in shares of Cytokinetics by 7.8% during the 4th quarter. Inspire Investing LLC now owns 8,504 shares of the biopharmaceutical company’s stock worth $400,000 after purchasing an additional 616 shares during the period.

Wall Street Analyst Weigh In

CYTK has been the subject of a number of research analyst reports. Bank of America decreased their price objective on shares of Cytokinetics from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a report on Monday, April 21st. Needham & Company LLC reissued a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a report on Tuesday, April 8th. Stifel Nicolaus initiated coverage on Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 target price on the stock. Finally, Barclays assumed coverage on Cytokinetics in a research note on Thursday. They set an “overweight” rating and a $55.00 price target for the company. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $79.13.

Cytokinetics Stock Up 0.2 %

Shares of CYTK opened at $40.43 on Monday. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of -7.51 and a beta of 0.94. Cytokinetics, Incorporated has a 1 year low of $32.74 and a 1 year high of $68.44. The business’s 50 day simple moving average is $42.09 and its 200-day simple moving average is $47.11.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, topping the consensus estimate of ($1.29) by $0.03. The company had revenue of $16.93 million for the quarter, compared to the consensus estimate of $14.26 million. As a group, equities analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Andrew Callos sold 3,341 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $43.27, for a total transaction of $144,565.07. Following the transaction, the executive vice president now owns 64,434 shares of the company’s stock, valued at approximately $2,788,059.18. This trade represents a 4.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $45.98, for a total transaction of $91,960.00. Following the transaction, the executive vice president now directly owns 116,071 shares in the company, valued at approximately $5,336,944.58. The trade was a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 88,360 shares of company stock valued at $3,643,645 over the last 90 days. Insiders own 3.40% of the company’s stock.

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.