Edgestream Partners L.P. Invests $732,000 in Cytokinetics, Incorporated (NASDAQ:CYTK)

Edgestream Partners L.P. acquired a new position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 18,216 shares of the biopharmaceutical company's stock, valued at approximately $732,000.

Other hedge funds have also recently made changes to their positions in the company. Fifth Third Bancorp raised its holdings in Cytokinetics by 42.2% during the 1st 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. Parallel Advisors LLC increased its position in Cytokinetics by 500.5% during the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock valued at $44,000 after purchasing an additional 916 shares during the period. GAMMA Investing LLC increased its position in Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock valued at $45,000 after purchasing an additional 826 shares during the period. UMB Bank n.a. increased its position in Cytokinetics by 91.4% during the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock valued at $46,000 after purchasing an additional 552 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Cytokinetics during the 4th quarter valued at $87,000.

Insider Activity

In other news, Director Muna Bhanji sold 1,454 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $29.73, for a total transaction of $43,227.42. Following the sale, the director owned 23,510 shares of the company's stock, valued at $698,952.30. This trade represents a 5.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Edward M. Md Kaye sold 3,636 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $32.10, for a total transaction of $116,715.60. Following the sale, the director directly owned 29,658 shares in the company, valued at approximately $952,021.80. The trade was a 10.92% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,751 shares of company stock worth $1,447,281. 2.70% of the stock is owned by corporate insiders.

Cytokinetics Price Performance

CYTK stock traded up $0.23 during trading on Wednesday, hitting $37.93. 934,214 shares of the stock traded hands, compared to its average volume of 1,532,593. Cytokinetics, Incorporated has a 1 year low of $29.31 and a 1 year high of $61.38. The stock has a market cap of $4.53 billion, a price-to-earnings ratio of -7.17 and a beta of 0.59. The firm's 50 day moving average is $33.43 and its two-hundred day moving average is $39.65.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.41) by $0.05. The company had revenue of $1.60 million for the quarter, compared to analysts' expectations of $2.77 million. The business's revenue was up 89.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.33) EPS. As a group, analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on CYTK shares. HC Wainwright reissued a "buy" rating and set a $120.00 price objective on shares of Cytokinetics in a research report on Monday, April 21st. Bank of America reduced their price target on Cytokinetics from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Mizuho reduced their price target on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. Needham & Company LLC reaffirmed a "buy" rating and issued a $72.00 target price on shares of Cytokinetics in a research report on Wednesday, May 14th. Finally, Barclays reduced their target price on shares of Cytokinetics from $55.00 to $53.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Cytokinetics presently has a consensus rating of "Moderate Buy" and an average target price of $70.92.

Cytokinetics Company 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.