CM Management LLC Invests $1.61 Million in Cytokinetics, Incorporated (NASDAQ:CYTK)

Key Points

• CM Management LLC has invested approximately $1.6 million in Cytokinetics, acquiring 40,000 shares, making it the firm's 29th largest holding.
• Several institutional investors increased their stakes in Cytokinetics significantly, including Parallel Advisors LLC, which grew its holding by over 500%.
• Equity analysts have mixed views on Cytokinetics, with target prices ranging from $53 to $120, reflecting varying levels of optimism about the stock's future performance.

CM Management LLC acquired 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 and Exchange Commission (SEC). The firm acquired 40,000 shares of the biopharmaceutical company's stock, valued at approximately $1,608,000. Cytokinetics makes up approximately 1.6% of CM Management LLC's investment portfolio, making the stock its 29th biggest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Fifth Third Bancorp raised its stake in Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after buying an additional 291 shares during the last quarter. State of Michigan Retirement System increased its holdings in shares of Cytokinetics by 1.1% during the first quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company's stock valued at $1,133,000 after acquiring an additional 300 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of Cytokinetics by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company's stock valued at $1,330,000 after purchasing an additional 300 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Cytokinetics by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 13,820 shares of the biopharmaceutical company's stock valued at $555,000 after purchasing an additional 365 shares during the last quarter. Finally, Harvey Capital Management Inc. boosted its stake in Cytokinetics by 2.1% in the 1st quarter. Harvey Capital Management Inc. now owns 22,580 shares of the biopharmaceutical company's stock worth $907,000 after purchasing an additional 475 shares in the last quarter.

Cytokinetics Trading Down 3.2%

Shares of Cytokinetics stock traded down $1.14 during trading hours on Friday, reaching $34.11. The stock had a trading volume of 2,104,845 shares, compared to its average volume of 1,250,101. Cytokinetics, Incorporated has a twelve month low of $29.31 and a twelve month high of $59.39. The firm has a market capitalization of $4.07 billion, a PE ratio of -6.69 and a beta of 0.64. The stock's 50 day moving average is $34.88 and its 200 day moving average is $38.76.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly 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 business 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 company posted ($1.31) EPS. The business's revenue for the quarter was up 26727.3% compared to the same quarter last year. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Insider Buying and Selling at Cytokinetics

In related news, Director Muna Bhanji sold 1,454 shares of Cytokinetics stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $29.73, for a total value of $43,227.42. Following the sale, the director owned 23,510 shares of the company's stock, valued at approximately $698,952.30. This trade represents a 5.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $36.34, for a total transaction of $72,680.00. Following the transaction, the executive vice president owned 140,610 shares of the company's stock, valued at $5,109,767.40. This represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,749 shares of company stock worth $1,350,617. 2.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on CYTK. JMP Securities reiterated a "market outperform" rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Thursday, April 10th. Cantor Fitzgerald raised Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. Barclays dropped their price target on Cytokinetics from $55.00 to $53.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Raymond James Financial initiated coverage on shares of Cytokinetics in a research report on Wednesday, July 30th. They set a "market perform" rating for the company. Finally, UBS Group cut their price objective on shares of Cytokinetics from $47.00 to $41.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Cytokinetics has an average rating of "Moderate Buy" and a consensus price target of $70.69.

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.