Marks Group Wealth Management Inc Purchases New Stake in Cytokinetics, Incorporated $CYTK

Marks Group Wealth Management Inc purchased a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 14,566 shares of the biopharmaceutical company’s stock, valued at approximately $926,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 673 shares during the last quarter. Quarry LP acquired a new stake in Cytokinetics during the third quarter worth $30,000. TD Waterhouse Canada Inc. acquired a new stake in Cytokinetics during the fourth quarter worth $32,000. Advisory Services Network LLC acquired a new stake in Cytokinetics during the third quarter worth $32,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Cytokinetics by 46.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after acquiring an additional 171 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Stifel Nicolaus raised their target price on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Truist Financial set a $106.00 target price on Cytokinetics in a research note on Tuesday, May 5th. Morgan Stanley raised their target price on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Citizens Jmp raised their target price on Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 25th. Finally, JPMorgan Chase & Co. raised their target price on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.30.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 36,601 shares of Cytokinetics stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total value of $2,274,752.15. Following the completion of the transaction, the chief executive officer directly owned 430,330 shares in the company, valued at approximately $26,745,009.50. This trade represents a 7.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 12,033 shares of Cytokinetics stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $747,850.95. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $9,565,009.30. This trade represents a 7.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 171,989 shares of company stock worth $11,393,064. Company insiders own 2.60% of the company’s stock.

Cytokinetics Stock Up 0.8%

CYTK opened at $68.45 on Wednesday. The firm has a market cap of $8.52 billion, a P/E ratio of -10.01 and a beta of 0.42. The business has a fifty day simple moving average of $70.18 and a 200-day simple moving average of $65.98. Cytokinetics, Incorporated has a 52 week low of $31.99 and a 52 week high of $80.20.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. The company’s revenue for the quarter was up 1112.5% on a year-over-year basis. During the same quarter last year, the business posted ($1.36) earnings per share. Sell-side analysts expect that Cytokinetics, Incorporated will post -6.29 earnings per share for the current year.

Cytokinetics Company 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.