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

Posted by Joseph Griffin on Mar 19th, 2023

Peregrine Capital Management LLC increased its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK – Get Rating) by 7.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 160,143 shares of the biopharmaceutical company’s stock after buying an additional 11,309 shares during the period. Peregrine Capital Management LLC owned 0.17% of Cytokinetics worth $7,338,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in Cytokinetics by 8.6% during the third quarter. BlackRock Inc. now owns 14,569,992 shares of the biopharmaceutical company’s stock worth $705,918,000 after buying an additional 1,156,696 shares in the last quarter. Vanguard Group Inc. raised its position in Cytokinetics by 11.5% during the third quarter. Vanguard Group Inc. now owns 9,991,334 shares of the biopharmaceutical company’s stock worth $484,081,000 after acquiring an additional 1,031,114 shares during the period. State Street Corp raised its position in Cytokinetics by 7.3% during the second quarter. State Street Corp now owns 4,504,226 shares of the biopharmaceutical company’s stock worth $176,971,000 after acquiring an additional 307,394 shares during the period. RTW Investments LP raised its position in Cytokinetics by 0.5% during the third quarter. RTW Investments LP now owns 2,574,198 shares of the biopharmaceutical company’s stock worth $124,720,000 after acquiring an additional 13,016 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Cytokinetics by 20.7% during the third quarter. Bank of New York Mellon Corp now owns 1,372,769 shares of the biopharmaceutical company’s stock worth $66,510,000 after acquiring an additional 235,823 shares during the period.

Cytokinetics Stock Down 4.7 %

Cytokinetics stock opened at $35.33 on Friday. Cytokinetics, Incorporated has a 12-month low of $33.60 and a 12-month high of $55.80. The company has a 50-day moving average price of $41.96 and a 200 day moving average price of $44.15. The company has a debt-to-equity ratio of 1.77, a quick ratio of 9.40 and a current ratio of 9.40.

Cytokinetics (NASDAQ:CYTK – Get Rating) last released its quarterly earnings data on Wednesday, March 1st. The biopharmaceutical company reported ($1.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.22) by ($0.23). Cytokinetics had a negative return on equity of 1,401.63% and a negative net margin of 410.89%. The firm had revenue of $1.96 million for the quarter, compared to analyst estimates of $7.10 million. During the same quarter in the previous year, the business posted ($0.36) earnings per share. Cytokinetics’s revenue for the quarter was down 96.5% on a year-over-year basis. As a group, analysts expect that Cytokinetics, Incorporated will post -4.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Bank of America assumed coverage on shares of Cytokinetics in a research report on Friday, February 17th. They set a “neutral” rating and a $49.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $61.00 price objective on shares of Cytokinetics in a research report on Tuesday, March 7th. Mizuho assumed coverage on shares of Cytokinetics in a research report on Monday, March 6th. They set a “buy” rating and a $80.00 price objective for the company. StockNews.com initiated coverage on shares of Cytokinetics in a research report on Thursday. They set a “sell” rating for the company. Finally, Truist Financial initiated coverage on shares of Cytokinetics in a research report on Tuesday, December 20th. They issued a “buy” rating and a $60.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $57.71.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 12,500 shares of the stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $39.94, for a total transaction of $499,250.00. Following the completion of the transaction, the chief executive officer now owns 370,458 shares of the company’s stock, valued at $14,796,092.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Cytokinetics news, CEO Robert I. Blum sold 12,500 shares of the stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $39.94, for a total transaction of $499,250.00. Following the completion of the transaction, the chief executive officer now owns 370,458 shares of the company’s stock, valued at $14,796,092.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert I. Blum sold 10,000 shares of the stock in a transaction dated Wednesday, January 4th. The stock was sold at an average price of $44.24, for a total transaction of $442,400.00. Following the transaction, the chief executive officer now directly owns 406,412 shares of the company’s stock, valued at approximately $17,979,666.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 62,238 shares of company stock worth $2,561,079. Insiders own 5.00% of the company’s stock.

Cytokinetics Company Profile

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Cytokinetics, Inc is a biopharmaceutical company, which is focused on discovering, developing, and commercializing muscle activators and muscle inhibitors as potential treatments for people with debilitating diseases in which muscle performance is compromised and/or declining. The firm is developing small molecule drug candidates specifically engineered to impact muscle function and contractility.