American International Group Inc. boosted its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 7.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 about 0.05% of Cytokinetics, worth $268,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently made changes to their positions in CYTK. Alambic Investment Management L.P. increased its position in Cytokinetics, by 115.9% in the first quarter. Alambic Investment Management L.P. now owns 28,500 shares of the biopharmaceutical company’s stock worth $366,000 after buying an additional 15,300 shares during the period. Norges Bank bought a new position in Cytokinetics, during the fourth quarter worth $976,000. Capital Fund Management S.A. bought a new position in Cytokinetics, during the first quarter worth $213,000. Essex Investment Management Co. LLC bought a new position in Cytokinetics, during the first quarter worth $373,000. Finally, Teachers Advisors LLC increased its position in Cytokinetics, by 4.0% in the fourth quarter. Teachers Advisors LLC now owns 53,278 shares of the biopharmaceutical company’s stock worth $647,000 after buying an additional 2,025 shares during the period. 56.50% of the stock is currently owned by institutional investors.
Cytokinetics, Incorporated (NASDAQ CYTK) traded up 0.40% during midday trading on Friday, hitting $12.50. 930,981 shares of the company traded hands. The stock’s 50-day moving average price is $13.29 and its 200 day moving average price is $13.11. Cytokinetics, Incorporated has a 12-month low of $8.51 and a 12-month high of $17.20. The company’s market capitalization is $670.83 million.
Cytokinetics, (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.57) by $0.03. The company had revenue of $3.05 million for the quarter, compared to analysts’ expectations of $5.28 million. Cytokinetics, had a negative net margin of 16.00% and a negative return on equity of 14.15%. On average, equities analysts forecast that Cytokinetics, Incorporated will post ($2.08) EPS for the current year.
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Several research firms have commented on CYTK. BidaskClub raised shares of Cytokinetics, from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Zacks Investment Research downgraded shares of Cytokinetics, from a “buy” rating to a “hold” rating in a research report on Thursday. HC Wainwright set a $26.00 target price on shares of Cytokinetics, and gave the stock a “buy” rating in a research report on Thursday, August 3rd. Cowen and Company reissued a “buy” rating and set a $19.00 target price on shares of Cytokinetics, in a research report on Friday, August 4th. Finally, Morgan Stanley began coverage on shares of Cytokinetics, in a research report on Monday, July 31st. They set an “overweight” rating and a $24.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $21.30.
In other news, CEO Robert I. Blum sold 5,000 shares of the company’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 sale, 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 Securities & Exchange Commission, which can be accessed through this link. Also, insider Caryn Gordon Mcdowell sold 11,348 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $12.47, for a total transaction of $141,509.56. Following the completion of the sale, 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. Over the last three months, insiders have sold 26,348 shares of company stock worth $339,260. 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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