Peregrine Capital Management LLC Increases Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Peregrine Capital Management LLC increased its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 11.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 140,601 shares of the biopharmaceutical company’s stock after buying an additional 14,208 shares during the period. Peregrine Capital Management LLC owned about 0.13% of Cytokinetics worth $7,618,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Cytokinetics by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after buying an additional 273,565 shares during the period. First Turn Management LLC purchased a new stake in Cytokinetics during the 4th quarter worth approximately $67,414,000. Charles Schwab Investment Management Inc. increased its position in shares of Cytokinetics by 4.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock valued at $65,955,000 after purchasing an additional 33,257 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of Cytokinetics in the 1st quarter valued at approximately $51,277,000. Finally, Norges Bank purchased a new stake in shares of Cytokinetics in the 4th quarter valued at approximately $60,299,000.

Insider Activity at Cytokinetics

In other Cytokinetics news, Director Robert Arthur Harrington sold 1,580 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $48.64, for a total transaction of $76,851.20. Following the transaction, the director now directly owns 15,541 shares in the company, valued at $755,914.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Robert Arthur Harrington sold 1,580 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $48.64, for a total value of $76,851.20. Following the completion of the transaction, the director now owns 15,541 shares in the company, valued at $755,914.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Robert Wong sold 13,011 shares of Cytokinetics stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $48.88, for a total value of $635,977.68. Following the transaction, the chief accounting officer now directly owns 16,653 shares of the company’s stock, valued at approximately $813,998.64. The disclosure for this sale can be found here. Insiders sold 169,832 shares of company stock worth $9,087,691 over the last 90 days. Company insiders own 3.40% of the company’s stock.

Cytokinetics Trading Down 0.5 %

Shares of NASDAQ:CYTK traded down $0.31 during midday trading on Friday, hitting $57.08. The stock had a trading volume of 1,080,796 shares, compared to its average volume of 2,335,920. The company has a market capitalization of $5.99 billion, a PE ratio of -10.59 and a beta of 0.75. The stock has a 50 day moving average price of $55.96 and a two-hundred day moving average price of $61.61. Cytokinetics, Incorporated has a 1 year low of $25.98 and a 1 year high of $110.25.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The business had revenue of $0.25 million during the quarter, compared to analysts’ expectations of $7.61 million. The business’s quarterly revenue was down 71.3% compared to the same quarter last year. During the same period last year, the firm earned ($1.34) EPS. As a group, equities analysts expect that Cytokinetics, Incorporated will post -4.5 EPS for the current year.

Wall Street Analyst Weigh In

CYTK has been the topic of a number of recent analyst reports. Oppenheimer dropped their price objective on shares of Cytokinetics from $107.00 to $106.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Raymond James dropped their price objective on shares of Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. HC Wainwright reissued a “buy” rating and issued a $90.00 price objective on shares of Cytokinetics in a research report on Monday, August 12th. B. Riley dropped their price objective on shares of Cytokinetics from $122.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Finally, The Goldman Sachs Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and lowered their target price for the company from $85.00 to $60.00 in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $80.27.

Cytokinetics Company Profile

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.