Eventide Asset Management LLC Grows Holdings in Cytokinetics, Incorporated $CYTK

Key Points

• Eventide Asset Management LLC increased its stake in Cytokinetics by 50.6%, acquiring an additional 128,548 shares, bringing its total holdings to 382,696 shares valued at $15.38 million.
• Insider activity includes the sale of 6,756 shares by Director Edward M. Md Kaye, reducing his position by 22.53%, while overall, insiders sold 29,756 shares valued at $1.17 million in the last ninety days.
• Cytokinetics' stock is experiencing mixed analyst ratings, with a consensus rating of "Moderate Buy" and a price target averaging $75.38.

Eventide Asset Management LLC increased its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 50.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 382,696 shares of the biopharmaceutical company's stock after purchasing an additional 128,548 shares during the period. Eventide Asset Management LLC owned approximately 0.32% of Cytokinetics worth $15,382,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Vestal Point Capital LP raised its holdings in shares of Cytokinetics by 10.2% during the first quarter. Vestal Point Capital LP now owns 2,590,531 shares of the biopharmaceutical company's stock worth $104,113,000 after purchasing an additional 240,531 shares during the last quarter. Deep Track Capital LP raised its holdings in shares of Cytokinetics by 296.9% during the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock worth $117,600,000 after purchasing an additional 1,870,094 shares during the last quarter. Orbimed Advisors LLC raised its holdings in shares of Cytokinetics by 106.5% during the fourth quarter. Orbimed Advisors LLC now owns 1,584,005 shares of the biopharmaceutical company's stock worth $74,512,000 after purchasing an additional 817,099 shares during the last quarter. Westfield Capital Management Co. LP raised its holdings in shares of Cytokinetics by 2.4% during the first quarter. Westfield Capital Management Co. LP now owns 1,310,336 shares of the biopharmaceutical company's stock worth $52,662,000 after purchasing an additional 30,346 shares during the last quarter. Finally, Brown Advisory Inc. raised its holdings in shares of Cytokinetics by 0.9% during the first quarter. Brown Advisory Inc. now owns 1,086,300 shares of the biopharmaceutical company's stock worth $43,658,000 after purchasing an additional 9,869 shares during the last quarter.

Cytokinetics Stock Performance

Shares of CYTK stock traded down $0.92 on Monday, reaching $52.09. 2,556,754 shares of the company were exchanged, compared to its average volume of 1,864,130. The company has a market cap of $6.23 billion, a price-to-earnings ratio of -10.21 and a beta of 0.62. The business has a 50-day moving average price of $37.62 and a 200 day moving average price of $37.65. Cytokinetics, Incorporated has a 1 year low of $29.31 and a 1 year high of $59.39.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping analysts' consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to analysts' expectations of $1.95 million. The firm's revenue for the quarter was up 26727.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.31) EPS. As a group, equities analysts anticipate that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CYTK. Citigroup raised their target price on shares of Cytokinetics from $77.00 to $84.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. JMP Securities reissued a "market outperform" rating and set a $78.00 target price on shares of Cytokinetics in a report on Tuesday, September 2nd. Barclays lifted their price objective on shares of Cytokinetics from $53.00 to $71.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. HC Wainwright reaffirmed a "buy" rating on shares of Cytokinetics in a report on Tuesday, September 2nd. Finally, Mizuho cut their price objective on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $75.38.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $38.31, for a total value of $76,620.00. Following the transaction, the executive vice president directly owned 140,610 shares in the company, valued at $5,386,769.10. The trade was a 1.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Edward M. Md Kaye sold 6,756 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $50.00, for a total transaction of $337,800.00. Following the completion of the transaction, the director owned 23,230 shares in the company, valued at $1,161,500. The trade was a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,756 shares of company stock worth $1,171,560. 3.40% of the stock is owned by insiders.

About Cytokinetics

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.