Cannon Global Investment Management LLC Takes $680,000 Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Cannon Global Investment Management LLC purchased a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 9,700 shares of the biopharmaceutical company’s stock, valued at approximately $680,000. Cytokinetics accounts for 1.8% of Cannon Global Investment Management LLC’s holdings, making the stock its 13th largest position.

Several other hedge funds and other institutional investors have also modified their holdings of the business. First Bank & Trust acquired a new position in Cytokinetics during the 1st quarter valued at about $452,000. Wealth Enhancement Advisory Services LLC acquired a new position in Cytokinetics during the 1st quarter valued at about $813,000. Chemistry Wealth Management LLC acquired a new position in Cytokinetics during the 1st quarter valued at about $366,000. Los Angeles Capital Management LLC acquired a new position in Cytokinetics during the 1st quarter valued at about $1,249,000. Finally, Vanguard Group Inc. boosted 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 valued at $919,800,000 after purchasing an additional 273,565 shares during the period.

Insider Activity

In other news, CAO Robert Wong sold 13,011 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $48.88, for a total transaction of $635,977.68. Following the sale, the chief accounting officer now owns 16,653 shares in the company, valued at $813,998.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Robert I. Blum sold 22,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $48.85, for a total transaction of $1,099,125.00. Following the transaction, the chief executive officer now directly owns 439,145 shares of the company’s stock, valued at $21,452,233.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Wong sold 13,011 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $48.88, for a total transaction of $635,977.68. Following the transaction, the chief accounting officer now directly owns 16,653 shares in the company, valued at $813,998.64. The disclosure for this sale can be found here. Insiders have sold 140,393 shares of company stock worth $8,284,390 over the last 90 days. 3.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $90.00 target price on shares of Cytokinetics in a research note on Monday, June 17th. Barclays dropped their price target on shares of Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Bank of America dropped their price target on shares of Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, May 23rd. Oppenheimer dropped their price target 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. Finally, Mizuho dropped their price target on shares of Cytokinetics from $103.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $77.06.

Cytokinetics Stock Up 0.7 %

Shares of CYTK stock traded up $0.40 during trading hours on Friday, reaching $54.18. 7,296,469 shares of the stock traded hands, compared to its average volume of 2,022,779. Cytokinetics, Incorporated has a 1-year low of $25.98 and a 1-year high of $110.25. The business has a fifty day moving average price of $56.77 and a 200 day moving average price of $66.81.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The firm had revenue of $0.84 million for the quarter, compared to analyst estimates of $0.91 million. During the same quarter in the prior year, the company earned ($1.38) EPS. Cytokinetics’s revenue for the quarter was down 81.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Cytokinetics, Incorporated will post -4.5 EPS for the current year.

Cytokinetics 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.