Cytokinetics, Incorporated (NASDAQ:CYTK) Position Increased by Victory Capital Management Inc.

Victory Capital Management Inc. raised its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 10.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 37,039 shares of the biopharmaceutical company’s stock after buying an additional 3,436 shares during the period. Victory Capital Management Inc.’s holdings in Cytokinetics were worth $2,007,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Westfield Capital Management Co. LP acquired a new position in shares of Cytokinetics in the 1st quarter valued at about $51,277,000. Norges Bank bought a new position in Cytokinetics during the fourth quarter valued at approximately $60,299,000. Fisher Asset Management LLC bought a new position in Cytokinetics during the fourth quarter valued at approximately $44,754,000. Sarissa Capital Management LP bought a new position in Cytokinetics during the first quarter valued at approximately $21,033,000. Finally, Iron Triangle Partners LP bought a new position in Cytokinetics during the first quarter valued at approximately $21,033,000.

Wall Street Analyst Weigh In

CYTK has been the topic of several recent research reports. Barclays cut their price objective on shares of Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and cut their price objective for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research report on Tuesday, September 3rd. Truist Financial dropped their price target on shares of Cytokinetics from $86.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, May 29th. Finally, JMP Securities reissued a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.67.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $53.72, for a total value of $392,156.00. Following the completion of the sale, the executive vice president now directly owns 133,004 shares of the company’s stock, valued at approximately $7,144,974.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $53.72, for a total value of $392,156.00. Following the transaction, the executive vice president now directly owns 133,004 shares in the company, valued at approximately $7,144,974.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 11,500 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.05, for a total value of $621,575.00. Following the completion of the transaction, the chief executive officer now owns 405,145 shares in the company, valued at $21,898,087.25. The disclosure for this sale can be found here. Insiders have sold a total of 107,837 shares of company stock worth $6,018,383 in the last 90 days. Corporate insiders own 3.40% of the company’s stock.

Cytokinetics Trading Down 0.4 %

Shares of CYTK stock opened at $55.94 on Thursday. Cytokinetics, Incorporated has a 1 year low of $25.98 and a 1 year high of $110.25. The firm’s fifty day simple moving average is $56.26 and its 200 day simple moving average is $59.44. The firm has a market capitalization of $5.87 billion, a P/E ratio of -10.36 and a beta of 0.77. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The firm had revenue of $0.25 million for the quarter, compared to the consensus estimate of $7.61 million. The business’s quarterly revenue was down 71.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.34) EPS. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -5.15 EPS for the current year.

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.