Emerald Mutual Fund Advisers Trust Makes New $8.93 Million Investment in Cytokinetics, Incorporated $CYTK

Emerald Mutual Fund Advisers Trust purchased a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK) during the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 135,464 shares of the biopharmaceutical company’s stock, valued at approximately $8,928,000. Emerald Mutual Fund Advisers Trust owned about 0.11% of Cytokinetics as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CYTK. Emerald Advisers LLC acquired a new stake in shares of Cytokinetics during the 1st quarter worth $13,104,000. State of Michigan Retirement System boosted its holdings in Cytokinetics by 1.7% in the first quarter. State of Michigan Retirement System now owns 29,400 shares of the biopharmaceutical company’s stock valued at $1,938,000 after acquiring an additional 500 shares during the last quarter. Principal Financial Group Inc. grew its position in Cytokinetics by 11.9% during the first quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company’s stock valued at $72,072,000 after acquiring an additional 116,593 shares during the period. Fifth Third Bancorp grew its position in Cytokinetics by 2,535.6% during the first quarter. Fifth Third Bancorp now owns 28,728 shares of the biopharmaceutical company’s stock valued at $1,893,000 after acquiring an additional 27,638 shares during the period. Finally, Candriam S.C.A. increased its stake in Cytokinetics by 128.6% during the first quarter. Candriam S.C.A. now owns 335,208 shares of the biopharmaceutical company’s stock worth $22,094,000 after acquiring an additional 188,577 shares during the last quarter.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $82.24 on Tuesday. The business’s 50-day moving average is $77.62 and its two-hundred day moving average is $68.72. The firm has a market capitalization of $10.23 billion, a PE ratio of -12.02 and a beta of 0.42. Cytokinetics, Incorporated has a 12 month low of $32.89 and a 12 month high of $88.31.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. Cytokinetics’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same period in the previous year, the company earned ($1.36) EPS. Equities analysts anticipate that Cytokinetics, Incorporated will post -6.22 EPS for the current year.

Analyst Upgrades and Downgrades

CYTK has been the topic of a number of research reports. Truist Financial set a $106.00 price objective on Cytokinetics in a report on Tuesday, May 5th. Mizuho boosted their target price on Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, June 24th. HC Wainwright increased their target price on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, UBS Group raised shares of Cytokinetics from a “neutral” rating to a “buy” rating and lifted their price target for the company from $69.00 to $115.00 in a research report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and an average price target of $99.90.

Insider Buying and Selling

In other news, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $84.92, for a total transaction of $636,900.00. Following the sale, the chief executive officer owned 377,830 shares in the company, valued at $32,085,323.60. This trade represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the business’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $86.62, for a total transaction of $303,170.00. Following the transaction, the executive vice president directly owned 153,902 shares in the company, valued at approximately $13,330,991.24. The trade was a 2.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 142,985 shares of company stock valued at $10,413,592 over the last three months. Company insiders own 2.60% of the company’s stock.

Cytokinetics Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.