Cibc World Markets Corp Invests $503,000 in Cytokinetics, Incorporated (NASDAQ:CYTK)

Cibc World Markets Corp acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in the 4th quarter, Holdings Channel reports. The fund acquired 10,696 shares of the biopharmaceutical company’s stock, valued at approximately $503,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CYTK. Jones Financial Companies Lllp grew its holdings in shares of Cytokinetics by 189.8% during the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 374 shares in the last quarter. Centricity Wealth Management LLC bought a new stake in Cytokinetics in the 4th quarter worth approximately $29,000. AlphaQuest LLC lifted its position in Cytokinetics by 113,500.0% in the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock worth $53,000 after buying an additional 1,135 shares during the last quarter. J.Safra Asset Management Corp lifted its position in Cytokinetics by 62.1% in the 4th quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company’s stock worth $83,000 after buying an additional 671 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in Cytokinetics by 85.8% in the 4th quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company’s stock worth $86,000 after buying an additional 842 shares during the last quarter.

Insider Buying and Selling

In other news, EVP Andrew Callos sold 3,341 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $43.27, for a total value of $144,565.07. Following the sale, the executive vice president now directly owns 64,434 shares of the company’s stock, valued at approximately $2,788,059.18. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert I. Blum sold 16,970 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $43.44, for a total value of $737,176.80. Following the completion of the sale, the chief executive officer now directly owns 364,181 shares in the company, valued at approximately $15,820,022.64. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,834 shares of company stock valued at $1,949,275 over the last ninety days. Company insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on CYTK shares. Citigroup started coverage on Cytokinetics in a research report on Friday, February 7th. They issued a “buy” rating and a $86.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research report on Friday, February 28th. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a research report on Thursday, February 6th. JMP Securities reiterated a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research report on Friday, February 7th. Finally, Royal Bank of Canada boosted their price objective on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $82.00.

Cytokinetics Price Performance

Shares of CYTK stock opened at $45.43 on Friday. The stock has a market cap of $5.38 billion, a price-to-earnings ratio of -8.44 and a beta of 0.95. The business’s fifty day moving average is $45.96 and its 200 day moving average is $49.92. Cytokinetics, Incorporated has a twelve month low of $40.53 and a twelve month high of $75.71. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, topping the consensus estimate of ($1.29) by $0.03. The firm had revenue of $16.93 million during the quarter, compared to analysts’ expectations of $14.26 million. Research analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal 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.