EFG Asset Management North America Corp. has decreased its holdings in Cytokinetics, Incorporated (NASDAQ: CYTK) by 5.1% during the second quarter of 2023. According to Holdings Channel, the firm sold 4,102 shares, bringing its total ownership to 76,257 shares, valued at approximately $2,519,000 at the end of June.
Other institutional investors have also adjusted their positions in Cytokinetics. Notably, GAMMA Investing LLC increased its stake by an impressive 281.0% in the first quarter, acquiring an additional 826 shares to reach a total of 1,120 shares worth $45,000. Principal Financial Group Inc. also significantly boosted its holdings by 132.3%, acquiring 358,778 shares in the same period to own 629,911 shares valued at $25,316,000.
Brown Advisory Inc. and Harvey Capital Management Inc. made smaller adjustments as well. Brown Advisory grew its position by 0.9% to hold 1,086,300 shares worth $43,658,000, while Harvey Capital increased its stake by 2.1% with an additional 475 shares, totaling 22,580 shares valued at $907,000. Banque Pictet & Cie SA also entered the scene, purchasing a new position valued at around $330,000.
Insider Transactions and Company Performance
In related news, CEO Robert I. Blum recently sold 5,000 shares on September 15, 2023, for an average price of $49.77, totaling $248,850. Following this transaction, Blum retains 373,108 shares valued at approximately $18,569,585.16, representing a 1.32% decrease in his ownership.
Additionally, Director Edward M. Md Kaye sold 6,757 shares on October 6, 2023, at an average price of $60.00, amounting to $405,420. This sale reduced Kaye’s ownership by 40.86%, leaving him with 9,778 shares valued at around $586,680. Over the past 90 days, company insiders have sold a total of 56,983 shares valued at $3,165,356, with insiders now collectively owning 2.70% of Cytokinetics.
Stock Performance and Future Outlook
Cytokinetics’ stock opened at $59.19 on Thursday, reflecting 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. Its 50-day moving average stands at $54.31, while the 200-day moving average is $41.79.
The company recently reported its earnings results on August 7, 2023, indicating a loss of ($1.12) earnings per share (EPS), which was better than the consensus estimate of ($1.34) by $0.22. Cytokinetics generated revenue of $66.77 million for the quarter, significantly surpassing the consensus estimate of $1.95 million. This reflects a remarkable year-over-year revenue increase of 26,727.3%.
Looking ahead, analysts predict that Cytokinetics will report an EPS of ($5.24) for the current fiscal year. The company specializes in developing muscle activators and inhibitors as potential therapies for debilitating diseases, focusing on innovative treatments designed to enhance muscle function and contractility.
For more information on hedge fund holdings and recent insider trades, visit HoldingsChannel.com to access the latest 13F filings related to Cytokinetics, Incorporated (NASDAQ: CYTK).
