7,663 Shares in Cytokinetics, Incorporated $CYTK Bought by United Services Automobile Association

Key Points

• United Services Automobile Association has acquired 7,663 shares of Cytokinetics, valued at approximately $331,000, marking a new stake in the biopharmaceutical company during the first quarter.
• Research firms have issued mixed ratings on Cytokinetics, with Barclays raising their price target from $53.00 to $71.00 and Needham & Company reiterating a "buy" rating with a $72.00 price target.
• Cytokinetics reported a significant revenue increase of 26727.3% year-over-year, with a quarterly revenue of $66.77 million, beating analyst estimates substantially.

United Services Automobile Association bought a new stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 7,663 shares of the biopharmaceutical company's stock, valued at approximately $331,000.

A number of other hedge funds have also recently modified their holdings of CYTK. Paradigm Biocapital Advisors LP bought a new position in shares of Cytokinetics during the first quarter valued at approximately $34,510,000. Vestal Point Capital LP grew its stake in shares of Cytokinetics by 56.7% during the fourth quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company's stock valued at $110,544,000 after buying an additional 850,000 shares during the last quarter. Jennison Associates LLC bought a new position in shares of Cytokinetics during the first quarter valued at approximately $27,085,000. Principal Financial Group Inc. grew its stake in shares of Cytokinetics by 132.3% during the first quarter. Principal Financial Group Inc. now owns 629,911 shares of the biopharmaceutical company's stock valued at $25,316,000 after buying an additional 358,778 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Cytokinetics during the first quarter valued at approximately $14,121,000.

Insider Activity

In other news, Director Edward M. Md Kaye sold 6,756 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $50.00, for a total transaction of $337,800.00. Following the completion of the sale, the director owned 23,230 shares in the company, valued at approximately $1,161,500. This represents a 22.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $49.77, for a total value of $248,850.00. Following the sale, the chief executive officer owned 373,108 shares of the company's stock, valued at approximately $18,569,585.16. This represents a 1.32% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,756 shares of company stock worth $1,353,990. Insiders own 2.70% of the company's stock.

Cytokinetics Stock Performance

Cytokinetics stock traded up $0.32 during mid-day trading on Tuesday, reaching $49.76. 2,006,075 shares of the company were exchanged, compared to its average volume of 1,863,380. The business has a fifty day moving average of $39.77 and a 200 day moving average of $37.82. The firm has a market cap of $5.95 billion, a P/E ratio of -9.76 and a beta of 0.62. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $59.39.

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CYTK shares. Needham & Company LLC reissued a "buy" rating and issued a $72.00 price objective on shares of Cytokinetics in a research note on Tuesday, September 2nd. JMP Securities reissued a "market outperform" rating and issued a $78.00 price objective on shares of Cytokinetics in a research note on Tuesday, September 2nd. Barclays increased their price objective on Cytokinetics from $53.00 to $71.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. dropped their price objective on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a research note on Monday, June 9th. Finally, Raymond James Financial started coverage on Cytokinetics in a research note on Wednesday, July 30th. They issued a "market perform" rating on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Cytokinetics presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.38.

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.