Pinnacle Associates Ltd. Has $13.64 Million Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Pinnacle Associates Ltd. grew its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 1.8% in the third quarter, Holdings Channel reports. The institutional investor owned 258,358 shares of the biopharmaceutical company’s stock after purchasing an additional 4,494 shares during the period. Pinnacle Associates Ltd.’s holdings in Cytokinetics were worth $13,641,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in CYTK. Darwin Global Management Ltd. acquired a new position in Cytokinetics in the 2nd quarter valued at approximately $246,074,000. Integral Health Asset Management LLC lifted its position in Cytokinetics by 122.2% in the second quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock worth $54,180,000 after purchasing an additional 550,000 shares during the period. Hood River Capital Management LLC boosted its stake in Cytokinetics by 5.9% during the second quarter. Hood River Capital Management LLC now owns 737,637 shares of the biopharmaceutical company’s stock worth $39,965,000 after buying an additional 40,990 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in Cytokinetics in the 1st quarter valued at $51,277,000. Finally, Great Point Partners LLC raised its stake in shares of Cytokinetics by 134.5% in the 2nd quarter. Great Point Partners LLC now owns 474,202 shares of the biopharmaceutical company’s stock valued at $25,692,000 after buying an additional 272,000 shares in the last quarter.

Cytokinetics Trading Down 0.1 %

NASDAQ CYTK traded down $0.05 on Wednesday, reaching $51.46. The company had a trading volume of 98,581 shares, compared to its average volume of 2,097,379. Cytokinetics, Incorporated has a 52 week low of $30.68 and a 52 week high of $110.25. The stock’s 50 day moving average is $54.61 and its 200-day moving average is $56.27. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93. The stock has a market cap of $6.05 billion, a price-to-earnings ratio of -9.59 and a beta of 0.77.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The company had revenue of $0.25 million for the quarter, compared to analyst estimates of $7.61 million. Cytokinetics’s revenue for the quarter was down 71.3% compared to the same quarter last year. During the same quarter last year, the company earned ($1.34) EPS. Equities analysts predict that Cytokinetics, Incorporated will post -5.15 earnings per share for the current year.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $53.71, for a total transaction of $392,083.00. Following the sale, the executive vice president now owns 121,704 shares of the company’s stock, valued at approximately $6,536,721.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Robert I. Blum sold 11,500 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $55.17, for a total value of $634,455.00. Following the completion of the transaction, the chief executive officer now directly owns 399,412 shares of the company’s stock, valued at approximately $22,035,560.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $53.71, for a total value of $392,083.00. Following the completion of the sale, the executive vice president now owns 121,704 shares in the company, valued at approximately $6,536,721.84. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,784 shares of company stock valued at $3,323,317 over the last three months. 3.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CYTK. JMP Securities reiterated a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research report on Wednesday, September 4th. Needham & Company LLC restated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research report on Thursday, October 17th. JPMorgan Chase & Co. boosted their price target on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. Finally, HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus price target of $83.93.

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.