EFG Asset Management North America Corp. has reduced its investment in Cytokinetics, Incorporated (NASDAQ: CYTK) by 5.1%, according to a report by Holdings Channel. The firm sold 4,102 shares during the second quarter, bringing its total holdings to 76,257 shares. As of the end of the most recent quarter, these shares were valued at approximately $2,519,000.
This decision comes amidst a backdrop of activity among other institutional investors and hedge funds regarding Cytokinetics stock. Notably, GAMMA Investing LLC significantly increased its stake by 281.0% during the first quarter, acquiring an additional 826 shares to hold a total of 1,120 shares valued at $45,000. Similarly, Principal Financial Group Inc. boosted its position by 132.3%, now owning 629,911 shares worth $25,316,000 after an acquisition of 358,778 shares in the same quarter.
Brown Advisory Inc. also expanded its holdings in Cytokinetics, increasing its ownership by 0.9% to a total of 1,086,300 shares, valued at $43,658,000. In addition, Harvey Capital Management Inc. raised its position by 2.1%, now owning 22,580 shares worth approximately $907,000. Banque Pictet & Cie SA entered the picture by purchasing a new stake valued at around $330,000.
Insider Selling Activity
Recent insider transactions have also drawn attention. On September 15, 2023, CEO Robert I. Blum sold 5,000 shares of Cytokinetics at an average price of $49.77, totaling $248,850. Following this sale, Blum retains 373,108 shares, valued at approximately $18,569,585.16, reflecting a 1.32% decrease in his ownership.
Additionally, Director Edward M. Md Kaye sold 6,757 shares on October 6, 2023, at an average price of $60.00, for a total of $405,420. Post-transaction, Kaye holds 9,778 shares, valued at around $586,680, marking a 40.86% reduction in ownership. Over the past 90 days, insiders have sold a total of 56,983 shares valued at $3,165,356, with insiders now owning 2.70% of the company’s stock.
Financial Performance and Analyst Insights
Cytokinetics shares opened at $59.19 on Thursday, reflecting a market capitalization of $7.08 billion. The company currently has a price-to-earnings ratio of -11.61 and a beta of 0.67. Its stock has fluctuated over the past year, with a low of $29.31 and a high of $64.13. The company’s 50-day moving average sits at $54.31, while the 200-day moving average is at $41.79.
In its latest earnings report issued on August 7, 2023, Cytokinetics posted an earnings per share (EPS) of ($1.12), surpassing analysts’ expectations of ($1.34) by $0.22. Revenue for the quarter amounted to $66.77 million, significantly exceeding the consensus estimate of $1.95 million. This represents a remarkable year-on-year revenue increase of 26,727.3%. Analysts predict that Cytokinetics will report an EPS of ($5.24) for the current fiscal year.
Cytokinetics, Incorporated is a late-stage biopharmaceutical company focused on developing muscle activators and inhibitors aimed at treating debilitating diseases. The firm specializes in creating small molecule drug candidates designed to enhance muscle function and contractility.
For more information on hedge fund activity related to Cytokinetics, visit HoldingsChannel.com for the latest filings and insider trades.
