Affinity Asset Advisors LLC Trims Stock Position in Cytokinetics, Incorporated $CYTK

Affinity Asset Advisors LLC trimmed its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 12.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 700,483 shares of the biopharmaceutical company's stock after selling 99,517 shares during the quarter. Cytokinetics comprises 2.4% of Affinity Asset Advisors LLC's investment portfolio, making the stock its 11th biggest position. Affinity Asset Advisors LLC owned 0.56% of Cytokinetics worth $46,169,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CYTK. EverSource Wealth Advisors LLC raised its position in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after purchasing an additional 673 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in shares of Cytokinetics in the 4th quarter valued at approximately $27,000. Kestra Advisory Services LLC acquired a new position in shares of Cytokinetics in the 4th quarter worth approximately $29,000. Quarry LP purchased a new position in shares of Cytokinetics during the 3rd quarter worth approximately $30,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in Cytokinetics in the 4th quarter valued at approximately $32,000.

Cytokinetics Stock Down 1.4%

CYTK stock opened at $80.74 on Friday. The business has a 50 day moving average price of $78.54 and a 200 day moving average price of $69.83. The stock has a market cap of $10.05 billion, a price-to-earnings ratio of -11.80 and a beta of 0.42. Cytokinetics, Incorporated has a fifty-two week low of $32.89 and a fifty-two week high of $88.31.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analysts' expectations of $8.52 million. The business's revenue for the quarter was up 1112.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.36) earnings per share. As a group, sell-side analysts anticipate that Cytokinetics, Incorporated will post -6.2 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on CYTK shares. HC Wainwright boosted their target price on Cytokinetics from $136.00 to $140.00 and gave the company a "buy" rating in a research report on Monday, May 11th. Truist Financial set a $106.00 price objective on Cytokinetics in a report on Tuesday, May 5th. Stifel Nicolaus increased their target price on Cytokinetics from $98.00 to $108.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. lifted their target price on Cytokinetics from $92.00 to $97.00 and gave the company an "overweight" rating in a research report on Tuesday, May 12th. Finally, Citigroup initiated coverage on shares of Cytokinetics in a research note on Monday, May 18th. They set a "buy" rating and a $99.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $99.90.

Insider Buying and Selling at Cytokinetics

In related news, EVP Andrew Callos sold 15,857 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the transaction, the executive vice president owned 58,555 shares in the company, valued at $3,806,075. This trade represents a 21.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $70.46, for a total value of $528,450.00. Following the transaction, the chief executive officer directly owned 385,330 shares in the company, valued at approximately $27,150,351.80. This trade represents a 1.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 132,036 shares of company stock valued at $9,816,694 in the last 90 days. 2.60% of the stock is currently owned by insiders.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company's most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.