Cytokinetics, Incorporated (NASDAQ:CYTK) Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. raised its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 1.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 258,358 shares of the biopharmaceutical company’s stock after purchasing an additional 4,494 shares during the period. Pinnacle Associates Ltd. owned about 0.25% of Cytokinetics worth $13,641,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CYTK. J.Safra Asset Management Corp grew its holdings in Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after acquiring an additional 456 shares in the last quarter. UMB Bank n.a. lifted its holdings in Cytokinetics by 65.6% during the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 238 shares during the last quarter. Blue Trust Inc. grew its position in shares of Cytokinetics by 225.9% in the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after acquiring an additional 680 shares in the last quarter. Values First Advisors Inc. acquired a new stake in shares of Cytokinetics during the 3rd quarter valued at approximately $54,000. Finally, EntryPoint Capital LLC bought a new position in Cytokinetics during the first quarter worth $74,000.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CYTK shares. Needham & Company LLC restated a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a research report on Thursday, October 17th. JPMorgan Chase & Co. upped their target price on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. JMP Securities restated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Wednesday, September 4th. The Goldman Sachs Group cut Cytokinetics from a “buy” rating to a “neutral” rating and cut their target price for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and an average target price of $83.93.

Insider Activity at Cytokinetics

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $55.20, for a total value of $276,000.00. Following the completion of the sale, the director now directly owns 20,600 shares of the company’s stock, valued at $1,137,120. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $53.71, for a total transaction of $392,083.00. Following the transaction, the executive vice president now owns 121,704 shares in the company, valued at $6,536,721.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $55.20, for a total transaction of $276,000.00. Following the completion of the sale, the director now owns 20,600 shares of the company’s stock, valued at $1,137,120. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,784 shares of company stock valued at $3,323,317. 3.40% of the stock is owned by corporate insiders.

Cytokinetics Stock Down 0.1 %

Shares of CYTK traded down $0.05 during trading hours on Wednesday, reaching $51.46. The company’s stock had a trading volume of 98,581 shares, compared to its average volume of 2,097,379. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93. The firm has a market cap of $6.05 billion, a price-to-earnings ratio of -9.59 and a beta of 0.77. The company has a 50 day moving average of $54.61 and a two-hundred day moving average of $56.27. Cytokinetics, Incorporated has a 1-year low of $30.68 and a 1-year high of $110.25.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The business had revenue of $0.25 million for the quarter, compared to the consensus estimate of $7.61 million. The firm’s revenue for the quarter was down 71.3% on a year-over-year basis. During the same period in the prior year, the business earned ($1.34) earnings per share. As a group, research analysts predict that Cytokinetics, Incorporated will post -5.15 EPS for the current fiscal year.

Cytokinetics 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.