Cibc World Markets Corp Acquires New Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Cibc World Markets Corp purchased a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 10,696 shares of the biopharmaceutical company's stock, valued at approximately $503,000.

Several other large investors also recently made changes to their positions in the stock. Jones Financial Companies Lllp boosted its position in shares of Cytokinetics by 189.8% during the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company's stock worth $27,000 after buying an additional 374 shares during the period. Centricity Wealth Management LLC bought a new stake in Cytokinetics in the 4th quarter valued at approximately $29,000. AlphaQuest LLC boosted its position in Cytokinetics by 113,500.0% during the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company's stock worth $53,000 after acquiring an additional 1,135 shares during the last quarter. J.Safra Asset Management Corp grew its stake in shares of Cytokinetics by 62.1% during the 4th quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company's stock worth $83,000 after acquiring an additional 671 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Cytokinetics by 85.8% in the fourth quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company's stock valued at $86,000 after purchasing an additional 842 shares during the last quarter.

Analyst Upgrades and Downgrades

CYTK has been the subject of a number of analyst reports. Morgan Stanley set a $67.00 target price on shares of Cytokinetics in a research report on Friday, March 7th. Needham & Company LLC reaffirmed a "buy" rating and issued a $72.00 target price on shares of Cytokinetics in a research report on Thursday, February 6th. JMP Securities reissued a "market outperform" rating and set a $78.00 price target on shares of Cytokinetics in a research report on Friday, February 7th. HC Wainwright reaffirmed a "buy" rating and set a $120.00 price target on shares of Cytokinetics in a research report on Friday, February 28th. Finally, Evercore ISI upgraded Cytokinetics to a "strong-buy" rating in a research note on Friday, February 7th. Two investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $82.00.

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Cytokinetics Stock Performance

CYTK traded down $0.92 during trading on Wednesday, hitting $43.63. The stock had a trading volume of 1,905,150 shares, compared to its average volume of 1,480,810. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The firm has a market cap of $5.17 billion, a price-to-earnings ratio of -8.11 and a beta of 0.95. The company has a 50 day moving average price of $45.95 and a 200-day moving average price of $49.76. Cytokinetics, Incorporated has a one year low of $40.53 and a one year high of $75.71.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.29) by $0.03. The business had revenue of $16.93 million during the quarter, compared to the consensus estimate of $14.26 million. As a group, research analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Andrew Callos sold 3,341 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $43.27, for a total value of $144,565.07. Following the completion of the sale, the executive vice president now directly owns 64,434 shares in the company, valued at approximately $2,788,059.18. The trade was a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert I. Blum sold 16,970 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $43.44, for a total value of $737,176.80. Following the transaction, the chief executive officer now owns 364,181 shares in the company, valued at approximately $15,820,022.64. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,834 shares of company stock worth $1,949,275 in the last quarter. Corporate insiders own 3.40% of the company's stock.

Cytokinetics Company Profile

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.