American International Group Inc. Sells 348 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Posted by on Jun 6th, 2023

American International Group Inc. reduced its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK – Get Rating) by 0.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 45,505 shares of the biopharmaceutical company’s stock after selling 348 shares during the quarter. American International Group Inc.’s holdings in Cytokinetics were worth $2,085,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Cytokinetics by 151.8% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 161,856 shares of the biopharmaceutical company’s stock valued at $7,416,000 after purchasing an additional 97,572 shares in the last quarter. HRT Financial LP bought a new stake in shares of Cytokinetics during the fourth quarter valued at approximately $379,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Cytokinetics by 43.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 53,159 shares of the biopharmaceutical company’s stock valued at $2,436,000 after purchasing an additional 16,117 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Cytokinetics by 63.2% during the fourth quarter. First Trust Advisors LP now owns 108,311 shares of the biopharmaceutical company’s stock valued at $4,963,000 after purchasing an additional 41,947 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Cytokinetics by 8.6% during the fourth quarter. Principal Financial Group Inc. now owns 665,384 shares of the biopharmaceutical company’s stock valued at $30,488,000 after purchasing an additional 52,937 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. HC Wainwright dropped their price target on Cytokinetics from $56.00 to $49.00 and set a “buy” rating on the stock in a research report on Friday, March 31st. StockNews.com upgraded Cytokinetics from a “sell” rating to a “hold” rating in a research note on Thursday, May 25th. Bank of America lowered their price objective on Cytokinetics from $50.00 to $42.00 in a research note on Sunday, April 2nd. UBS Group lifted their price objective on Cytokinetics from $61.00 to $62.00 in a research note on Friday, May 5th. Finally, The Goldman Sachs Group lowered their price objective on Cytokinetics from $56.00 to $48.00 and set a “buy” rating for the company in a research note on Thursday, March 2nd. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.29.

Cytokinetics Price Performance

Shares of CYTK opened at $38.00 on Tuesday. Cytokinetics, Incorporated has a one year low of $32.96 and a one year high of $55.80. The firm has a market capitalization of $3.63 billion, a P/E ratio of -8.30 and a beta of 0.80. The business has a fifty day moving average of $37.37 and a 200 day moving average of $40.02.

Cytokinetics (NASDAQ:CYTK – Get Rating) last released its quarterly earnings results on Thursday, May 4th. The biopharmaceutical company reported ($1.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.24) by ($0.14). Cytokinetics had a negative net margin of 439.05% and a negative return on equity of 1,401.63%. The company had revenue of $4.60 million for the quarter, compared to the consensus estimate of $2.50 million. During the same period in the prior year, the firm posted ($1.02) EPS. The business’s revenue for the quarter was up 300.0% on a year-over-year basis. Analysts expect that Cytokinetics, Incorporated will post -4.46 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 12,500 shares of the business’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $37.26, for a total transaction of $465,750.00. Following the completion of the sale, the chief executive officer now owns 441,058 shares of the company’s stock, valued at $16,433,821.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Fady Ibraham Malik sold 4,000 shares of the company’s stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $39.10, for a total value of $156,400.00. Following the completion of the transaction, the executive vice president now owns 171,183 shares of the company’s stock, valued at $6,693,255.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 12,500 shares of the company’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $37.26, for a total value of $465,750.00. Following the completion of the transaction, the chief executive officer now directly owns 441,058 shares of the company’s stock, valued at approximately $16,433,821.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,953 shares of company stock valued at $3,559,676. Company insiders own 3.80% of the company’s stock.

Cytokinetics Company Profile

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Cytokinetics, Inc is a biopharmaceutical company, which is focused on discovering, developing, and commercializing muscle activators and muscle inhibitors as potential treatments for people with debilitating diseases in which muscle performance is compromised and/or declining. The firm is developing small molecule drug candidates specifically engineered to impact muscle function and contractility.

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Institutional Ownership by Quarter for Cytokinetics (NASDAQ:CYTK)

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