EFG Asset Management North America Corp. has reduced its investment in Cytokinetics, Incorporated (NASDAQ: CYTK) by 5.1% during the second quarter of 2023. The firm sold 4,102 shares, leaving it with a total of 76,257 shares valued at approximately $2.52 million at the end of June.
This decline in holdings follows a trend among various institutional investors, many of whom have recently adjusted their stakes in Cytokinetics. Notably, GAMMA Investing LLC significantly increased its position by 281.0% in the first quarter, now owning 1,120 shares valued at $45,000 after acquiring an additional 826 shares. Similarly, Principal Financial Group Inc. raised its position by 132.3%, resulting in ownership of 629,911 shares valued at $25.32 million after purchasing an additional 358,778 shares.
Brown Advisory Inc. also reported a modest increase, growing its holdings by 0.9% with 1,086,300 shares worth $43.66 million after acquiring an additional 9,869 shares. Furthermore, Harvey Capital Management Inc. boosted its stake by 2.1%, now holding 22,580 shares valued at approximately $907,000.
In a notable insider transaction, CEO Robert I. Blum sold 5,000 shares on September 15, 2023, at an average price of $49.77, totaling $248,850. Following this sale, Blum retains 373,108 shares, valued at about $18.57 million, representing a 1.32% decrease in ownership.
Director Edward M. Md Kaye also sold shares, offloading 6,757 shares on October 6, 2023, at an average price of $60.00, amounting to $405,420. Kaye’s remaining shares total 9,778, valued at approximately $586,680, reflecting a 40.86% decline in ownership.
Over the past three months, insiders collectively sold 56,983 shares valued at $3.17 million. Insiders currently hold 2.70% of the company’s total stock.
Cytokinetics Stock Performance and Financial Results
Cytokinetics shares opened at $59.19 on Thursday, with a market capitalization of $7.08 billion and a price-to-earnings ratio of -11.61. The stock has fluctuated between a one-year low of $29.31 and a high of $64.13. The company’s 50-day moving average stands at $54.31, while the 200-day moving average is at $41.79.
On August 7, 2023, Cytokinetics reported earnings of ($1.12) per share, surpassing analyst expectations of ($1.34) by $0.22. The firm generated revenue of $66.77 million, significantly exceeding the consensus estimate of $1.95 million. This represents an extraordinary year-over-year revenue increase of 26,727.3%.
Research analysts project that Cytokinetics will report earnings of ($5.24) per share for the current fiscal year.
Cytokinetics, Incorporated is a late-stage biopharmaceutical company focused on discovering, developing, and commercializing muscle activators and inhibitors aimed at treating debilitating diseases. The company specializes in small molecule drug candidates designed to enhance muscle function and contractility.
For further details on institutional holdings and insider transactions, visit Holdings Channel for the latest 13F filings related to Cytokinetics, Incorporated (NASDAQ: CYTK).
