EFG Asset Management North America Corp. has decreased its holdings in Cytokinetics, Incorporated (NASDAQ: CYTK) by 5.1% during the second quarter, as reported by Holdings Channel. After selling 4,102 shares, the firm now owns 76,257 shares, valued at approximately $2,519,000 at the close of the quarter.
This move follows a trend among institutional investors in the biopharmaceutical sector. For instance, GAMMA Investing LLC significantly increased its position in Cytokinetics by an impressive 281.0% during the first quarter. Following this transaction, GAMMA now owns 1,120 shares worth around $45,000 after purchasing an additional 826 shares.
Similarly, Principal Financial Group Inc. expanded its stake in the company by 132.3%, acquiring an additional 358,778 shares to reach a total of 629,911 shares, valued at $25,316,000. Brown Advisory Inc. and Harvey Capital Management Inc. also bolstered their positions, owning 1,086,300 and 22,580 shares, respectively.
Insider Transactions and Stock Performance
Recent insider trading has also drawn attention. On September 15, 2023, CEO Robert I. Blum sold 5,000 shares at an average price of $49.77, totaling $248,850. Following this sale, Blum retained 373,108 shares, valued at approximately $18,569,585.16. This transaction represented a 1.32% decrease in his ownership.
In a separate transaction on October 6, 2023, Director Edward M. Md Kaye sold 6,757 shares at an average price of $60.00, amounting to $405,420. After this sale, Kaye directly owns 9,778 shares valued at around $586,680, marking a substantial 40.86% reduction in his holdings. Over the last 90 days, insiders sold a total of 56,983 shares valued at $3,165,356, with insiders currently holding 2.70% of Cytokinetics’ stock.
Cytokinetics shares opened at $59.19 on Thursday, with a market capitalization of $7.08 billion. The company’s price-to-earnings ratio stands at -11.61, and its beta is 0.67. Over the past year, the stock has fluctuated between a low of $29.31 and a high of $64.13. The 50-day moving average is $54.31, while the 200-day moving average is $41.79.
Financial Results and Future Projections
Cytokinetics recently reported its earnings results on August 7, 2023. The company recorded earnings of ($1.12) per share, surpassing the consensus estimate of ($1.34) by $0.22. Revenue for the quarter reached $66.77 million, significantly higher than the expected $1.95 million. This represents an astonishing year-over-year increase of 26,727.3% compared to the same quarter last year when earnings were ($1.31) per share.
Looking ahead, analysts predict that Cytokinetics will report earnings of ($5.24) per share for the current fiscal year. The company, known for its focus on developing muscle activators and inhibitors to treat debilitating diseases, remains a key player in the biopharmaceutical landscape.
For those interested in the latest developments regarding Cytokinetics, information on hedge fund holdings and insider trades can be accessed through reputable financial news platforms.
