Spark Investment Management LLC decreased its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 5.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,400 shares of the biopharmaceutical company’s stock after selling 3,300 shares during the period. Spark Investment Management LLC owned approximately 0.14% of Cytokinetics, worth $755,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Alambic Investment Management L.P. raised its stake in shares of 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 last quarter. Norges Bank acquired a new stake in shares of Cytokinetics, during the fourth quarter worth approximately $976,000. Piermont Capital Management Inc. acquired a new stake in shares of Cytokinetics, during the first quarter worth approximately $612,000. Capital Fund Management S.A. acquired a new stake in shares of Cytokinetics, during the first quarter worth approximately $213,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Cytokinetics, during the second quarter worth approximately $436,000. 59.76% of the stock is owned by hedge funds and other institutional investors.
Cytokinetics, Incorporated (CYTK) opened at 12.15 on Friday. Cytokinetics, Incorporated has a 52-week low of $8.51 and a 52-week high of $17.20. The stock’s market capitalization is $652.04 million. The stock’s 50 day moving average price is $13.43 and its 200-day moving average price is $13.03.
Cytokinetics, (NASDAQ:CYTK) last released its earnings results 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. The firm had revenue of $3.05 million during 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 expect that Cytokinetics, Incorporated will post ($2.08) EPS for the current fiscal year.
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CYTK has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price target on shares of Cytokinetics, in a research note on Tuesday, April 25th. Cowen and Company reaffirmed an “outperform” rating and issued a $19.00 price target (up previously from $17.00) on shares of Cytokinetics, in a research note on Saturday, April 29th. Zacks Investment Research lowered Cytokinetics, from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 4th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics, in a research report on Friday, May 19th. Finally, ValuEngine raised Cytokinetics, from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Two research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Cytokinetics, presently has an average rating of “Buy” and a consensus price target of $21.30.
In related news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics, stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $13.79, for a total transaction of $68,950.00. Following the transaction, the chief executive officer now owns 84,785 shares in the company, valued at $1,169,185.15. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Caryn Gordon Mcdowell sold 11,348 shares of Cytokinetics, stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $12.47, for a total value of $141,509.56. Following the transaction, the insider now owns 21,570 shares in the company, valued at approximately $268,977.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,348 shares of company stock worth $339,260. Company 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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