Cytokinetics, Incorporated $CYTK Shares Purchased by Tema ETFs LLC

Key Points

• Tema ETFs significantly increased its Cytokinetics position by 174.6% in the second quarter, purchasing 14,251 additional shares and bringing its holdings to 22,413 shares valued at approximately $1.9 million.
• Analyst sentiment remains broadly positive: Cytokinetics has a consensus “Moderate Buy” rating and an average price target of $101.15, despite one sell rating. Shares recently opened at $75.64, down 1.1%.
• The company reported a second-quarter loss of $1.50 per share, narrower than analysts’ expected $1.63 loss, while revenue of $28.62 million exceeded estimates but declined 57.1% year over year. Insiders sold 115,179 shares worth about $9.1 million over the past 90 days.

Tema ETFs LLC boosted its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 174.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,413 shares of the biopharmaceutical company's stock after purchasing an additional 14,251 shares during the quarter. Tema ETFs LLC's holdings in Cytokinetics were worth $1,909,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CYTK. EverSource Wealth Advisors LLC raised its stake in shares of Cytokinetics by 723.7% in the 2nd 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 in the last quarter. Kemnay Advisory Services Inc. acquired a new position in Cytokinetics in the fourth quarter worth about $27,000. Kestra Advisory Services LLC bought a new stake in Cytokinetics in the fourth quarter valued at about $29,000. Quarry LP bought a new stake in Cytokinetics in the third quarter valued at about $30,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in Cytokinetics during the fourth quarter valued at approximately $32,000.

Insider Buying and Selling

In related news, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $76.76, for a total value of $575,700.00. Following the sale, the chief executive officer owned 377,820 shares of the company's stock, valued at $29,001,463.20. This trade represents a 1.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 14,000 shares of Cytokinetics stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $79.88, for a total transaction of $1,118,320.00. Following the completion of the sale, the executive vice president owned 58,555 shares in the company, valued at approximately $4,677,373.40. This represents a 19.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 115,179 shares of company stock valued at $9,117,354. 2.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. UBS Group raised Cytokinetics from a "neutral" rating to a "buy" rating and increased their target price for the stock from $69.00 to $115.00 in a report on Monday, June 29th. Stifel Nicolaus upped their price target on Cytokinetics from $98.00 to $108.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Royal Bank Of Canada reduced their price objective on Cytokinetics from $117.00 to $112.00 and set an "outperform" rating on the stock in a research note on Friday, August 7th. Citizens Jmp lifted their price objective on shares of Cytokinetics from $105.00 to $110.00 and gave the stock a "market outperform" rating in a report on Friday, August 7th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cytokinetics in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Cytokinetics currently has a consensus rating of "Moderate Buy" and an average price target of $101.15.

Cytokinetics Trading Down 1.1%

Shares of Cytokinetics stock opened at $75.64 on Thursday. The stock has a market capitalization of $9.41 billion, a price-to-earnings ratio of -10.48 and a beta of 0.38. Cytokinetics, Incorporated has a twelve month low of $34.60 and a twelve month high of $88.31. The business's 50 day simple moving average is $79.19 and its 200-day simple moving average is $71.22.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. The company's revenue for the quarter was down 57.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.12) EPS. Sell-side analysts predict that Cytokinetics, Incorporated will post -6.03 earnings per share for the current year.

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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