Emerald Advisers LLC Makes New Investment in Cytokinetics, Incorporated $CYTK

Emerald Advisers LLC bought a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 198,811 shares of the biopharmaceutical company’s stock, valued at approximately $13,104,000. Emerald Advisers LLC owned approximately 0.16% of Cytokinetics as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its holdings in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Cytokinetics in the fourth quarter valued at about $27,000. Kestra Advisory Services LLC purchased a new position in Cytokinetics during the fourth quarter worth about $29,000. Quarry LP acquired a new stake in shares of Cytokinetics in the 3rd quarter valued at approximately $30,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in shares of Cytokinetics during the 4th quarter worth $32,000.

Cytokinetics Trading Down 3.1%

NASDAQ CYTK opened at $82.24 on Tuesday. Cytokinetics, Incorporated has a 52 week low of $32.89 and a 52 week high of $88.31. The stock has a market cap of $10.23 billion, a price-to-earnings ratio of -12.02 and a beta of 0.42. The company has a 50-day moving average price of $77.62 and a two-hundred day moving average price of $68.72.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. The company’s revenue was up 1112.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.36) EPS. As a group, equities research analysts expect that Cytokinetics, Incorporated will post -6.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CYTK. Morgan Stanley upped their price target on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Barclays boosted their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, April 6th. UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $69.00 to $115.00 in a report on Monday, June 29th. Royal Bank Of Canada reduced their target price on shares of Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. Finally, Mizuho upped their price target on Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $99.90.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $59.62, for a total transaction of $447,150.00. Following the transaction, the chief executive officer directly owned 407,830 shares in the company, valued at approximately $24,314,824.60. This trade represents a 1.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of Cytokinetics stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $65.00, for a total value of $1,030,705.00. Following the transaction, the executive vice president directly owned 58,555 shares in the company, valued at approximately $3,806,075. The trade was a 21.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 142,985 shares of company stock valued at $10,413,592. 2.60% of the stock is currently owned by corporate insiders.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.