Harbor Capital Advisors Inc. Acquires 7,983 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Harbor Capital Advisors Inc. grew its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 17.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 53,113 shares of the biopharmaceutical company's stock after buying an additional 7,983 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in Cytokinetics were worth $2,135,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CYTK. Deep Track Capital LP raised its position in Cytokinetics by 296.9% in the 4th 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 period. Capital International Investors purchased a new position in Cytokinetics in the 4th quarter worth $51,564,000. T. Rowe Price Investment Management Inc. raised its position in Cytokinetics by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company's stock worth $505,780,000 after purchasing an additional 1,062,136 shares during the period. Norges Bank purchased a new position in Cytokinetics in the 4th quarter worth $46,556,000. Finally, Vestal Point Capital LP raised its position in Cytokinetics by 56.7% in the 4th quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company's stock worth $110,544,000 after purchasing an additional 850,000 shares during the period.

Insider Activity at Cytokinetics

In related news, EVP Andrew Callos sold 2,886 shares of the business's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $35.78, for a total transaction of $103,261.08. Following the sale, the executive vice president now owns 64,689 shares of the company's stock, valued at $2,314,572.42. The trade was a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert I. Blum sold 12,648 shares of the business's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $44.38, for a total transaction of $561,318.24. Following the sale, the chief executive officer now directly owns 326,533 shares in the company, valued at $14,491,534.54. The trade was a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 91,700 shares of company stock worth $3,514,393 over the last 90 days. 2.70% of the stock is owned by company insiders.

Cytokinetics Trading Up 3.6%

Shares of NASDAQ CYTK traded up $1.18 during midday trading on Friday, hitting $34.38. 1,604,354 shares of the company traded hands, compared to its average volume of 1,555,349. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $61.38. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The stock has a 50-day moving average price of $34.83 and a 200 day moving average price of $42.39. The firm has a market cap of $4.11 billion, a P/E ratio of -6.39 and a beta of 0.59.

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 the consensus estimate 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. During the same quarter in the prior year, the firm earned ($1.33) EPS. Cytokinetics's quarterly revenue was up 89.1% compared to the same quarter last year. As a group, analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CYTK. JMP Securities reiterated a "market outperform" rating and issued a $78.00 target price on shares of Cytokinetics in a research report on Thursday, April 10th. Cantor Fitzgerald upgraded shares of Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. HC Wainwright reiterated a "buy" rating and issued a $120.00 target price on shares of Cytokinetics in a research report on Monday, April 21st. Morgan Stanley set a $67.00 price objective on shares of Cytokinetics in a research report on Friday, March 7th. Finally, Barclays decreased their price objective 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 equities 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 stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target 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.