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

Cannon Global Investment Management LLC bought a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the 1st quarter, Holdings Channel reports. The institutional investor bought 9,700 shares of the biopharmaceutical company’s stock, valued at approximately $680,000. Cytokinetics makes up 1.8% of Cannon Global Investment Management LLC’s holdings, making the stock its 13th largest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CYTK. HighTower Advisors LLC raised its holdings in shares of Cytokinetics by 5.1% in the third quarter. HighTower Advisors LLC now owns 8,868 shares of the biopharmaceutical company’s stock valued at $261,000 after purchasing an additional 434 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Cytokinetics by 4.8% in the third quarter. PNC Financial Services Group Inc. now owns 7,373 shares of the biopharmaceutical company’s stock valued at $217,000 after purchasing an additional 340 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in shares of Cytokinetics in the third quarter valued at approximately $414,000. Algert Global LLC acquired a new stake in shares of Cytokinetics in the third quarter valued at approximately $455,000. Finally, Trexquant Investment LP acquired a new stake in shares of Cytokinetics in the third quarter valued at approximately $632,000.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total value of $2,422,877.55. Following the completion of the transaction, the executive vice president now owns 138,567 shares of the company’s stock, valued at $10,296,913.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total value of $2,422,877.55. Following the completion of the transaction, the executive vice president now owns 138,567 shares of the company’s stock, valued at $10,296,913.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Robert Wong sold 13,011 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $48.88, for a total transaction of $635,977.68. Following the completion of 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 140,393 shares of company stock valued at $8,284,390 over the last quarter. 3.40% of the stock is owned by company insiders.

Cytokinetics Trading Up 0.7 %

CYTK stock traded up $0.40 during midday trading on Friday, reaching $54.18. 7,296,469 shares of the company were exchanged, compared to its average volume of 2,022,779. The business has a 50-day moving average price of $56.77 and a two-hundred day moving average price of $66.81. Cytokinetics, Incorporated has a one year low of $25.98 and a one year high of $110.25.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The business had revenue of $0.84 million for the quarter, compared to analysts’ expectations of $0.91 million. Cytokinetics’s revenue for the quarter was down 81.8% on a year-over-year basis. During the same period last year, the business posted ($1.38) earnings per share. Equities analysts anticipate that Cytokinetics, Incorporated will post -4.5 EPS for the current year.

Wall Street Analysts Forecast Growth

CYTK has been the topic of a number of recent research reports. JMP Securities lowered their price objective on shares of Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating on the stock in a report on Tuesday, May 28th. Barclays decreased their target price on shares of Cytokinetics from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Mizuho decreased their target price on shares of Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, March 6th. Raymond James decreased their target price on shares of Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, May 23rd. Finally, HC Wainwright reissued a “buy” rating and issued a $90.00 target price on shares of Cytokinetics in a research note on Monday, June 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and an average price target of $77.06.

About Cytokinetics

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.