Intech Investment Management LLC Has $2.70 Million Holdings in Cytokinetics, Incorporated $CYTK

Key Points

• Intech Investment Management LLC increased its stake in Cytokinetics, purchasing 16,988 shares and boosting its total ownership by 33.8% to approximately $2.7 million.
• Recent analyst ratings indicate a consensus of "Moderate Buy" for Cytokinetics, with price targets varying from $53.00 to $103.00.
• Cytokinetics reported significant revenue growth of 26727.3% year-over-year, with quarterly earnings surpassing analyst estimates at ($1.12) EPS.

Intech Investment Management LLC boosted its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 33.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 67,261 shares of the biopharmaceutical company's stock after buying an additional 16,988 shares during the period. Intech Investment Management LLC owned 0.06% of Cytokinetics worth $2,703,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its stake in shares of Cytokinetics by 42.2% in the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after purchasing an additional 291 shares in the last quarter. State of Michigan Retirement System raised its holdings in shares of Cytokinetics by 1.1% during the 1st quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company's stock valued at $1,133,000 after buying an additional 300 shares during the period. Louisiana State Employees Retirement System raised its holdings in shares of Cytokinetics by 0.9% during 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 buying an additional 300 shares during the period. State of Alaska Department of Revenue raised its holdings in shares of Cytokinetics by 2.7% during 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 buying an additional 365 shares during the period. Finally, Harvey Capital Management Inc. increased its holdings in Cytokinetics by 2.1% during 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 during the last quarter.

Insider Activity at Cytokinetics

In related news, Director Edward M. Md Kaye sold 6,756 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $50.00, for a total transaction of $337,800.00. Following the completion of the sale, the director directly owned 23,230 shares of the company's stock, valued at $1,161,500. This trade represents a 22.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $49.77, for a total value of $248,850.00. Following the completion of the transaction, the chief executive officer owned 373,108 shares in the company, valued at $18,569,585.16. The trade was a 1.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,756 shares of company stock valued at $1,353,990 in the last three months. Corporate insiders own 3.40% of the company's stock.

Cytokinetics Stock Performance

Shares of CYTK traded up $0.32 during trading hours on Tuesday, hitting $49.76. 2,006,075 shares of the company were exchanged, compared to its average volume of 2,644,910. The company has a market cap of $5.95 billion, a PE ratio of -9.76 and a beta of 0.62. The firm's 50 day moving average is $40.08 and its 200-day moving average is $37.90. Cytokinetics, Incorporated has a 52 week low of $29.31 and a 52 week high of $59.39.

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 (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to the consensus estimate of $1.95 million. During the same quarter last year, the company posted ($1.31) EPS. The business's revenue was up 26727.3% compared to the same quarter last year. As a group, equities analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Evercore ISI lifted their price objective on Cytokinetics from $60.00 to $80.00 and gave the stock an "outperform" rating in a report on Wednesday, September 3rd. Mizuho reduced their price objective on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a research report on Thursday, May 29th. Barclays boosted their price target on Cytokinetics from $53.00 to $71.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. JMP Securities reiterated a "market outperform" rating and set a $78.00 price target on shares of Cytokinetics in a research report on Tuesday, September 2nd. Finally, Wall Street Zen upgraded Cytokinetics from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $75.38.

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.