EFG Asset Management North America Corp. has reduced its stake in Cytokinetics, Incorporated by 5.1% during the second quarter of 2023. According to Holdings Channel, the asset management firm sold 4,102 shares, leaving it with a total of 76,257 shares valued at approximately $2,519,000 at the end of June.
Several institutional investors have made adjustments to their holdings in Cytokinetics as well. For instance, GAMMA Investing LLC significantly increased its position by 281.0% in the first quarter, acquiring 1,120 shares valued at $45,000. Principal Financial Group Inc. also boosted its stake by 132.3%, owning 629,911 shares worth $25,316,000 after adding an additional 358,778 shares during the same period.
Brown Advisory Inc. and Harvey Capital Management Inc. also expanded their positions, with Brown Advisory owning 1,086,300 shares valued at $43,658,000 and Harvey Capital holding 22,580 shares worth $907,000. Additionally, Banque Pictet & Cie SA entered a new position, investing approximately $330,000 in Cytokinetics.
Insider Transactions and Company Performance
In recent insider trading news, Cytokinetics’ CEO, Robert I. Blum, sold 5,000 shares on September 15, 2023, at an average price of $49.77, totaling $248,850. Following this transaction, Blum retains 373,108 shares, valued at about $18,569,585.16. This sale reflects a 1.32% decrease in his ownership.
On October 6, 2023, Director Edward M. Md Kaye also sold 6,757 shares at an average price of $60.00, amounting to $405,420. Following this transaction, Kaye now owns 9,778 shares valued at approximately $586,680, marking a significant 40.86% reduction in his holdings. Over the past 90 days, insiders sold a total of 56,983 shares valued at $3,165,356, with insiders collectively owning 2.70% of the company.
Cytokinetics’ Financial Outlook
Cytokinetics’ stock opened at $59.19 on a recent Thursday, reflecting a market capitalization of $7.08 billion and a price-to-earnings ratio of -11.61, with a beta of 0.67. The company has seen significant fluctuations in its stock, with a one-year low of $29.31 and a high of $64.13. Its 50-day moving average stands at $54.31, while the 200-day moving average is at $41.79.
Cytokinetics released its earnings results on August 7, 2023, reporting an earnings per share (EPS) of ($1.12), surpassing the consensus estimate of ($1.34) by $0.22. The company generated $66.77 million in revenue for the quarter, significantly exceeding the estimated $1.95 million. This reflects a remarkable increase of 26,727.3% year-over-year, compared to the previous year’s EPS of ($1.31).
Looking ahead, analysts predict that Cytokinetics will post an EPS of (-$5.24) for the current fiscal year. The company focuses on discovering, developing, and commercializing muscle activators and inhibitors aimed at treating debilitating diseases through innovative small molecule drug candidates.
For those interested in the latest updates and analyst ratings for Cytokinetics, resources are available for tracking hedge fund holdings and trade disclosures.
