Brown Advisory Inc. Sells 181,032 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• Brown Advisory Inc. reduced its Cytokinetics stake by 19.8% in the fourth quarter, selling 181,032 shares and ending with 731,154 shares valued at about $46.5 million.
• Cytokinetics reported Q1 earnings per share of -$1.67, matching analyst expectations, while revenue of $19.36 million far exceeded forecasts and jumped 1112.5% from a year earlier.
• Analysts remain broadly positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $99.30, even as some insiders have recently sold shares.

Brown Advisory Inc. cut its stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 19.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 731,154 shares of the biopharmaceutical company's stock after selling 181,032 shares during the quarter. Brown Advisory Inc. owned about 0.60% of Cytokinetics worth $46,458,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Aigen Investment Management LP bought a new position in Cytokinetics in the 4th quarter worth $354,000. Kestra Advisory Services LLC bought a new position in Cytokinetics in the 4th quarter worth $29,000. Marshall Wace LLP increased its stake in shares of Cytokinetics by 88.3% in the 4th quarter. Marshall Wace LLP now owns 337,031 shares of the biopharmaceutical company's stock worth $21,415,000 after acquiring an additional 158,051 shares in the last quarter. Segall Bryant & Hamill LLC increased its stake in shares of Cytokinetics by 4.7% in the 4th quarter. Segall Bryant & Hamill LLC now owns 189,513 shares of the biopharmaceutical company's stock worth $12,042,000 after acquiring an additional 8,463 shares in the last quarter. Finally, Affinity Asset Advisors LLC increased its stake in shares of Cytokinetics by 128.6% in the 4th quarter. Affinity Asset Advisors LLC now owns 800,000 shares of the biopharmaceutical company's stock worth $50,832,000 after acquiring an additional 450,000 shares in the last quarter.

Cytokinetics Stock Up 1.8%

Shares of NASDAQ CYTK opened at $71.38 on Tuesday. The firm's 50-day moving average price is $70.50 and its 200-day moving average price is $66.08. The company has a market cap of $8.88 billion, a PE ratio of -10.44 and a beta of 0.42. Cytokinetics, Incorporated has a 52-week low of $31.99 and a 52-week high of $80.20.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to analysts' expectations of $8.52 million. The business's revenue was up 1112.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.36) EPS. As a group, equities research analysts anticipate that Cytokinetics, Incorporated will post -6.29 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on CYTK. HC Wainwright increased their price target on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a "buy" rating in a research note on Monday, May 11th. Truist Financial set a $106.00 price target on shares of Cytokinetics in a research note on Tuesday, May 5th. Mizuho increased their price target on shares of Cytokinetics from $84.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 18th. Robert W. Baird set a $84.00 price target on shares of Cytokinetics in a research note on Tuesday, March 10th. Finally, Citigroup began coverage on shares of Cytokinetics in a research note on Monday, May 18th. They issued a "buy" rating and a $99.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $99.30.

Insider Activity

In other news, EVP Andrew Callos sold 15,000 shares of the firm's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $74.08, for a total transaction of $1,111,200.00. Following the sale, the executive vice president owned 58,555 shares of the company's stock, valued at $4,337,754.40. This trade represents a 20.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total transaction of $370,400.00. Following the completion of the transaction, the director directly owned 15,784 shares in the company, valued at approximately $1,169,278.72. The trade was a 24.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 115,669 shares of company stock worth $7,957,015. 2.60% of the stock is owned by corporate insiders.

About Cytokinetics

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.

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