EFG Asset Management North America Corp. has decreased its stake in Cytokinetics, Incorporated (NASDAQ: CYTK) by 5.1% during the second quarter of 2023, according to Holdings Channel. Following the sale of 4,102 shares, the firm now holds 76,257 shares, valued at approximately $2.52 million at the end of the quarter.
This move reflects a broader trend among institutional investors adjusting their holdings in the biopharmaceutical company. Notably, GAMMA Investing LLC significantly increased its stake by 281.0% in the first quarter, now owning 1,120 shares valued at $45,000 after purchasing an additional 826 shares. Similarly, Principal Financial Group Inc. raised its position by 132.3%, acquiring 358,778 shares for a total of $25.32 million.
Other notable investors have also made changes. Brown Advisory Inc. grew its holdings by 0.9%, owning 1,086,300 shares worth $43.66 million, while Harvey Capital Management Inc. increased its position by 2.1%, holding 22,580 shares valued at $907,000. Banque Pictet & Cie SA also entered the fray, purchasing a new position worth approximately $330,000.
Insider Trading Activity
In addition to institutional shifts, insider trading activity has also been significant. On September 15, 2023, CEO Robert I. Blum sold 5,000 shares at an average price of $49.77, totaling $248,850. Following this transaction, he owns 373,108 shares valued at approximately $18.57 million, marking a 1.32% decrease in his ownership.
Director Edward M. Md Kaye sold 6,757 shares on October 6, 2023, at an average price of $60.00, amounting to $405,420. After this transaction, Kaye holds 9,778 shares valued at around $586,680, representing a 40.86% decrease in ownership. In total, insiders sold 56,983 shares valued at $3.17 million over the last 90 days, with insiders now owning 2.70% of the company’s stock.
Cytokinetics Stock Performance and Outlook
As of Thursday, shares of Cytokinetics opened at $59.19, giving the company a market capitalization of approximately $7.08 billion. The firm has a price-to-earnings ratio of -11.61 and a beta of 0.67. Over the past year, the stock has fluctuated between a low of $29.31 and a high of $64.13. The company’s 50-day moving average stands at $54.31, while the 200-day moving average is $41.79.
Cytokinetics recently reported earnings results on August 7, 2023, revealing losses of ($1.12) earnings per share (EPS), which surpassed the consensus estimate of ($1.34) by $0.22. The company generated $66.77 million in revenue during the quarter, significantly exceeding the estimated $1.95 million. This represents a remarkable 26,727.3% increase in revenue compared to the same quarter the previous year.
Looking ahead, research analysts forecast that Cytokinetics will post an EPS of ($5.24) for the current fiscal year. The company focuses on discovering, developing, and commercializing muscle activators and inhibitors aimed at treating debilitating diseases, with a portfolio of small molecule drug candidates targeting muscle function and contractility.
