Los Angeles Capital Management LLC Takes $1.25 Million Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Los Angeles Capital Management LLC bought a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 17,817 shares of the biopharmaceutical company’s stock, valued at approximately $1,249,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Assenagon Asset Management S.A. bought a new stake in Cytokinetics during the fourth quarter worth about $46,308,000. Vanguard Group Inc. raised its holdings in Cytokinetics by 4.6% during the third quarter. Vanguard Group Inc. now owns 10,743,324 shares of the biopharmaceutical company’s stock worth $316,498,000 after acquiring an additional 472,595 shares in the last quarter. HealthInvest Partners AB bought a new stake in Cytokinetics during the fourth quarter worth about $980,000. Legato Capital Management LLC bought a new stake in Cytokinetics during the fourth quarter worth about $1,305,000. Finally, Vestal Point Capital LP bought a new stake in Cytokinetics during the fourth quarter worth about $4,174,000.

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 22,500 shares of the company’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $52.60, for a total transaction of $1,183,500.00. Following the completion of the sale, the chief executive officer now directly owns 416,645 shares in the company, valued at $21,915,527. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cytokinetics news, CEO Robert I. Blum sold 22,500 shares of the company’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $52.60, for a total transaction of $1,183,500.00. Following the completion of the sale, the chief executive officer now directly owns 416,645 shares in the company, valued at $21,915,527. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Wong sold 13,011 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $48.88, for a total value of $635,977.68. Following the sale, the chief accounting officer now owns 16,653 shares of the company’s stock, valued at $813,998.64. The disclosure for this sale can be found here. Insiders sold 133,093 shares of company stock worth $7,892,234 over the last three months. Insiders own 3.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CYTK shares. Bank of America dropped their price objective on Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, May 23rd. Needham & Company LLC dropped their price objective on Cytokinetics from $108.00 to $72.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. Truist Financial dropped their price objective on Cytokinetics from $86.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, May 29th. HC Wainwright restated a “buy” rating and issued a $90.00 price objective on shares of Cytokinetics in a research note on Monday, June 17th. Finally, Raymond James dropped their price objective on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $77.81.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $53.52 on Monday. The company has a market capitalization of $5.61 billion, a P/E ratio of -9.91 and a beta of 0.74. Cytokinetics, Incorporated has a 1 year low of $25.98 and a 1 year high of $110.25. The business’s 50 day simple moving average is $58.23 and its 200 day simple moving average is $66.61.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The company had revenue of $0.84 million during the quarter, compared to analyst estimates of $0.91 million. Cytokinetics’s quarterly revenue was down 81.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.38) earnings per share. On average, sell-side analysts anticipate that Cytokinetics, Incorporated will post -4.55 EPS for the current fiscal year.

About Cytokinetics

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.