West Tower Group LLC Acquires Shares of 1,906 Cytokinetics, Incorporated (NASDAQ:CYTK)

by · The Cerbat Gem

West Tower Group LLC acquired a new stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK – Free Report) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 1,906 shares of the biopharmaceutical company’s stock, valued at approximately $62,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CYTK. Advisor Group Holdings Inc. raised its stake in Cytokinetics by 14.9% during the first quarter. Advisor Group Holdings Inc. now owns 5,930 shares of the biopharmaceutical company’s stock valued at $154,000 after buying an additional 767 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Cytokinetics by 21.0% during the first quarter. JPMorgan Chase & Co. now owns 65,026 shares of the biopharmaceutical company’s stock valued at $2,394,000 after buying an additional 11,299 shares in the last quarter. Raymond James & Associates acquired a new stake in Cytokinetics during the first quarter valued at approximately $564,000. PNC Financial Services Group Inc. raised its stake in Cytokinetics by 6.1% during the first quarter. PNC Financial Services Group Inc. now owns 6,454 shares of the biopharmaceutical company’s stock valued at $236,000 after buying an additional 372 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in Cytokinetics by 1.9% during the first quarter. Bank of Montreal Can now owns 24,711 shares of the biopharmaceutical company’s stock valued at $940,000 after buying an additional 456 shares in the last quarter.

Analysts Set New Price Targets

CYTK has been the topic of several research reports. JMP Securities restated a “market outperform” rating and set a $71.00 price objective on shares of Cytokinetics in a research note on Monday, October 9th. SVB Leerink assumed coverage on Cytokinetics in a research report on Tuesday, August 15th. They set an “outperform” rating and a $58.00 price target on the stock. B. Riley assumed coverage on Cytokinetics in a research report on Tuesday, November 7th. They set a “buy” rating and a $66.00 price target on the stock. Cantor Fitzgerald increased their price target on Cytokinetics from $59.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, October 9th. Finally, StockNews.com cut Cytokinetics from a “hold” rating to a “sell” rating in a research report on Tuesday, November 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.87.

Check Out Our Latest Report on Cytokinetics

Cytokinetics Price Performance

Shares of CYTK stock opened at $32.56 on Wednesday. Cytokinetics, Incorporated has a 12-month low of $25.98 and a 12-month high of $47.49. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of -5.90 and a beta of 0.57. The business has a 50 day simple moving average of $32.53 and a 200 day simple moving average of $33.79.

Cytokinetics (NASDAQ:CYTK – Get Free Report) last issued its quarterly earnings results on Thursday, November 2nd. The biopharmaceutical company reported ($1.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.63). The business had revenue of $0.38 million during the quarter, compared to analysts’ expectations of $24.71 million. On average, equities analysts anticipate that Cytokinetics, Incorporated will post -4.74 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 stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $34.90, for a total transaction of $436,250.00. Following the completion of the transaction, the chief executive officer now directly owns 441,417 shares of the company’s stock, valued at approximately $15,405,453.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Cytokinetics news, CEO Robert I. Blum sold 12,500 shares of the stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $34.90, for a total transaction of $436,250.00. Following the completion of the transaction, the chief executive officer now directly owns 441,417 shares of the company’s stock, valued at approximately $15,405,453.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 2,500 shares of the stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $35.40, for a total value of $88,500.00. Following the transaction, the executive vice president now directly owns 150,664 shares of the company’s stock, valued at $5,333,505.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,000 shares of company stock valued at $2,332,125. 3.80% of the stock is owned by corporate insiders.

About Cytokinetics

(Free Report)

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.

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