Prelude Capital Management LLC Invests $257,000 in Cytokinetics, Incorporated (NASDAQ:CYTK)

Prelude Capital Management LLC purchased a new position in Cytokinetics, Incorporated (NASDAQ:CYTK) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 7,302 shares of the biopharmaceutical company’s stock, valued at approximately $257,000.

Several other large investors have also recently modified their holdings of CYTK. Belpointe Asset Management LLC raised its holdings in Cytokinetics by 76.2% in the 1st quarter. Belpointe Asset Management LLC now owns 786 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 340 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its position in Cytokinetics by 33.4% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 1,282 shares of the biopharmaceutical company’s stock worth $45,000 after buying an additional 321 shares during the last quarter. Archer Investment Corp purchased a new position in Cytokinetics in the 1st quarter worth about $51,000. Natixis purchased a new position in Cytokinetics in the 4th quarter worth about $73,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in Cytokinetics in the 4th quarter worth about $103,000.

Insider Transactions at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $32.60, for a total transaction of $407,500.00. Following the completion of the transaction, the chief executive officer now owns 441,417 shares in the company, valued at approximately $14,390,194.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cytokinetics news, CEO Robert I. Blum sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $32.60, for a total transaction of $407,500.00. Following the completion of the transaction, the chief executive officer now owns 441,417 shares in the company, valued at approximately $14,390,194.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $35.37, for a total value of $88,425.00. Following the transaction, the executive vice president now owns 160,664 shares of the company’s stock, valued at approximately $5,682,685.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 88,020 shares of company stock valued at $2,958,700. 3.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CYTK. SVB Securities began coverage on Cytokinetics in a research report on Tuesday, August 15th. They issued an “outperform” rating and a $58.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Cytokinetics in a research note on Friday, August 4th. HC Wainwright reiterated a “buy” rating and set a $49.00 target price on shares of Cytokinetics in a research note on Friday, August 4th. SVB Leerink began coverage on shares of Cytokinetics in a research report on Tuesday, August 15th. They set an “outperform” rating and a $58.00 price target for the company. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $60.00 price target on shares of Cytokinetics in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus target price of $58.21.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $33.87 on Tuesday. Cytokinetics, Incorporated has a 52-week low of $30.66 and a 52-week high of $54.13. The stock has a fifty day simple moving average of $33.72 and a two-hundred day simple moving average of $35.61. The firm has a market capitalization of $3.25 billion, a PE ratio of -5.95 and a beta of 0.74.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($1.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.23) by ($0.11). The company had revenue of $0.87 million for the quarter, compared to the consensus estimate of $5.67 million. Cytokinetics had a negative return on equity of 1,401.63% and a negative net margin of 5,419.17%. Cytokinetics’s revenue was down 99.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.23) EPS. On average, sell-side analysts forecast that Cytokinetics, Incorporated will post -4.1 EPS for the current fiscal year.

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.