Renaissance Technologies LLC Boosts Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Renaissance Technologies LLC raised its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 28.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 470,967 shares of the biopharmaceutical company’s stock after acquiring an additional 105,000 shares during the period. Renaissance Technologies LLC owned approximately 0.45% of Cytokinetics worth $25,517,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. J.Safra Asset Management Corp grew its position in Cytokinetics by 642.3% during the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after acquiring an additional 456 shares during the period. EntryPoint Capital LLC purchased a new stake in Cytokinetics during the first quarter valued at about $74,000. Bessemer Group Inc. grew its position in Cytokinetics by 25,100.0% during the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after acquiring an additional 1,255 shares during the period. nVerses Capital LLC purchased a new stake in Cytokinetics during the second quarter valued at about $190,000. Finally, Kennedy Capital Management LLC purchased a new stake in Cytokinetics during the first quarter valued at about $224,000.

Insider Activity

In other news, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $59.84, for a total transaction of $299,200.00. Following the completion of the transaction, the director now directly owns 20,600 shares of the company’s stock, valued at $1,232,704. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Fady Ibraham Malik sold 7,300 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $53.72, for a total value of $392,156.00. Following the completion of the transaction, the executive vice president now directly owns 133,004 shares of the company’s stock, valued at approximately $7,144,974.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $59.84, for a total value of $299,200.00. Following the completion of the transaction, the director now directly owns 20,600 shares of the company’s stock, valued at $1,232,704. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 107,837 shares of company stock valued at $6,018,383. 3.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price target for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. B. Riley decreased their target price on Cytokinetics from $122.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research report on Monday, September 9th. Truist Financial decreased their target price on Cytokinetics from $86.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. Finally, Raymond James decreased their target price on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.67.

Cytokinetics Stock Down 0.6 %

NASDAQ:CYTK opened at $55.60 on Friday. The firm has a market capitalization of $5.83 billion, a PE ratio of -10.30 and a beta of 0.77. The stock has a 50 day moving average of $56.28 and a 200-day moving average of $59.41. Cytokinetics, Incorporated has a 52 week low of $25.98 and a 52 week high of $110.25. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93.

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