Erste Asset Management GmbH Invests $3.16 Million in Cytokinetics, Incorporated (NASDAQ:CYTK)

Erste Asset Management GmbH acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 60,450 shares of the biopharmaceutical company’s stock, valued at approximately $3,164,000. Erste Asset Management GmbH owned 0.05% of Cytokinetics as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Cetera Advisors LLC bought a new stake in shares of Cytokinetics in the first quarter valued at about $531,000. DNB Asset Management AS lifted its stake in Cytokinetics by 9.8% in the 2nd quarter. DNB Asset Management AS now owns 7,231 shares of the biopharmaceutical company’s stock valued at $392,000 after acquiring an additional 645 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in Cytokinetics by 402.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 17,814 shares of the biopharmaceutical company’s stock worth $965,000 after acquiring an additional 14,270 shares during the last quarter. Mirador Capital Partners LP grew its stake in shares of Cytokinetics by 78.1% during the 2nd quarter. Mirador Capital Partners LP now owns 63,143 shares of the biopharmaceutical company’s stock worth $3,421,000 after acquiring an additional 27,688 shares in the last quarter. Finally, Securian Asset Management Inc. raised its holdings in shares of Cytokinetics by 13.4% in the second quarter. Securian Asset Management Inc. now owns 9,144 shares of the biopharmaceutical company’s stock valued at $495,000 after purchasing an additional 1,081 shares during the last quarter.

Cytokinetics Stock Down 2.4 %

Shares of CYTK opened at $50.63 on Tuesday. The firm’s 50-day simple moving average is $53.21 and its 200 day simple moving average is $54.35. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The firm has a market cap of $5.98 billion, a P/E ratio of -9.41 and a beta of 0.78. Cytokinetics, Incorporated has a 52 week low of $32.50 and a 52 week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. The company’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.35) EPS. On average, analysts forecast that Cytokinetics, Incorporated will post -5.25 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $55.61, for a total transaction of $278,050.00. Following the sale, the chief executive officer now owns 397,456 shares of the company’s stock, valued at $22,102,528.16. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $52.10, for a total value of $380,330.00. Following the completion of the transaction, the executive vice president now directly owns 118,920 shares of the company’s stock, valued at $6,195,732. This represents a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 64,994 shares of company stock worth $3,427,975 in the last 90 days. Company insiders own 3.40% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on CYTK. The Goldman Sachs Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $85.00 to $60.00 in a report on Tuesday, August 13th. HC Wainwright restated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a report on Monday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Needham & Company LLC restated a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a research note on Monday. Finally, Royal Bank of Canada initiated coverage on Cytokinetics in a research note on Friday, November 8th. They set an “outperform” rating and a $80.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.93.

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.