EFG Asset Management North America Corp. has reduced its stake in Cytokinetics, Incorporated (NASDAQ: CYTK) by 5.1% during the second quarter of 2023. The firm now owns 76,257 shares of the biopharmaceutical company after selling 4,102 shares. As of the end of the quarter, EFG Asset Management’s holdings in Cytokinetics were valued at approximately $2.52 million.
Several institutional investors have recently adjusted their positions in Cytokinetics stock, indicating ongoing interest in the company. For instance, GAMMA Investing LLC increased its stake by an impressive 281.0% during the first quarter, bringing its total holdings to 1,120 shares valued at $45,000 after acquiring an additional 826 shares. Similarly, Principal Financial Group Inc. raised its position by 132.3%, now owning 629,911 shares worth $25.32 million after adding 358,778 shares in the last quarter.
Brown Advisory Inc. and Harvey Capital Management Inc. also expanded their holdings. Brown Advisory Inc. grew its stake by 0.9%, owning 1,086,300 shares valued at $43.66 million, while Harvey Capital Management Inc. increased its position by 2.1%, now holding 22,580 shares worth $907,000. Additionally, Banque Pictet & Cie SA entered a new position in Cytokinetics, investing approximately $330,000.
Insider Transactions Reflect Confidence
In related news, CEO Robert I. Blum sold 5,000 shares of the company on September 15, 2023, at an average price of $49.77, amounting to $248,850. Following this transaction, Blum retained 373,108 shares valued at $18.57 million, representing a 1.32% decrease in his ownership.
Director Edward M. Md Kaye also made headlines by selling 6,757 shares on October 6, 2023, for a total of $405,420 at an average price of $60.00. After this sale, he directly owned 9,778 shares valued at approximately $586,680, marking a significant 40.86% reduction in his stake. In total, insiders sold 56,983 shares over the past 90 days, with a combined value of $3.17 million. Currently, insiders hold 2.70% of the company’s stock.
Cytokinetics Performance and Outlook
Cytokinetics shares opened at $59.19 on Thursday, October 6, 2023. The company has a market capitalization of $7.08 billion and a price-to-earnings ratio of -11.61. Over the past year, the stock has seen a low of $29.31 and a high of $64.13. The company’s 50-day moving average is $54.31, while the 200-day moving average stands at $41.79.
In its most recent earnings report on August 7, 2023, Cytokinetics reported a loss of ($1.12) earnings per share (EPS), surpassing analysts’ expectations of ($1.34) by $0.22. The firm generated revenue of $66.77 million, significantly higher than the consensus estimate of $1.95 million. This represents a staggering 26,727.3% increase in quarterly revenue compared to the previous year. Analysts predict that Cytokinetics will post an EPS of ($5.24) for the current fiscal year.
Cytokinetics, Incorporated focuses on developing innovative muscle activators and inhibitors as treatments for severe diseases. The company aims to enhance muscle function and contractility through its small molecule drug candidates.
For more details on investor activity and analyst ratings related to Cytokinetics, visit HoldingsChannel.com.
