Nuveen LLC Takes Position in Cytokinetics, Incorporated $CYTK

Key Points

• Nuveen LLC has acquired a new position in Cytokinetics, purchasing 351,368 shares valued at approximately $14.1 million, representing 0.29% ownership in the company.
• Cytokinetics reported a remarkable 26,727.3% increase in revenue year-over-year for the most recent quarter, with earnings per share of ($1.12) exceeding expectations of ($1.34).
• Insider trading activity revealed that CEO Robert I. Blum sold 5,000 shares recently, indicating a 1.27% decrease in his ownership of the stock.

Nuveen LLC purchased a new stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 351,368 shares of the biopharmaceutical company's stock, valued at approximately $14,121,000. Nuveen LLC owned 0.29% of Cytokinetics as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in Cytokinetics in the 4th quarter valued at approximately $254,000. GAMMA Investing LLC grew its stake in shares of Cytokinetics by 281.0% in the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after acquiring an additional 826 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Cytokinetics by 29.7% in the first quarter. Cetera Investment Advisers now owns 5,904 shares of the biopharmaceutical company's stock worth $237,000 after acquiring an additional 1,353 shares in the last quarter. Two Sigma Advisers LP grew its stake in shares of Cytokinetics by 5.4% in the fourth quarter. Two Sigma Advisers LP now owns 226,400 shares of the biopharmaceutical company's stock worth $10,650,000 after acquiring an additional 11,700 shares in the last quarter. Finally, RFG Advisory LLC acquired a new position in shares of Cytokinetics in the first quarter worth $1,286,000.

Insider Activity at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $38.31, for a total value of $76,620.00. Following the sale, the executive vice president directly owned 140,610 shares in the company, valued at $5,386,769.10. This represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $38.15, for a total transaction of $190,750.00. Following the completion of the sale, the chief executive officer owned 393,108 shares in the company, valued at $14,997,070.20. This represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,295 shares of company stock valued at $1,384,010. 2.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on CYTK shares. Wall Street Zen upgraded shares of Cytokinetics from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 10th. Barclays dropped their price target on shares of Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Needham & Company LLC reiterated a "buy" rating and set a $72.00 target price on shares of Cytokinetics in a research note on Wednesday, May 14th. Royal Bank Of Canada lowered their target price on shares of Cytokinetics from $82.00 to $80.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Finally, Raymond James Financial began coverage on shares of Cytokinetics in a research note on Wednesday, July 30th. They set a "market perform" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Cytokinetics has a consensus rating of "Moderate Buy" and a consensus price target of $71.58.

Cytokinetics Price Performance

Shares of CYTK traded down $0.36 during mid-day trading on Wednesday, reaching $37.83. 2,177,894 shares of the company's stock were exchanged, compared to its average volume of 1,541,979. The business's fifty day simple moving average is $36.04 and its 200-day simple moving average is $37.77. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $59.39. The stock has a market capitalization of $4.53 billion, a PE ratio of -7.42 and a beta of 0.64.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million during the quarter, compared to analyst estimates of $1.95 million. During the same period in the previous year, the firm posted ($1.31) EPS. The company's revenue for the quarter was up 26727.3% on a year-over-year basis. Equities research analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Cytokinetics Company 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.