EFG Asset Management Reduces Stake in Cytokinetics by 4.2%
EFG Asset Management North America Corp. has reduced its holdings in Cytokinetics, Incorporated (NASDAQ: CYTK) by 4.2%, as reported in its latest filing with the Securities and Exchange Commission. The institutional investor now owns 80,359 shares, having sold 3,503 shares during the first quarter. This adjustment brings EFG’s ownership to approximately 0.07% of Cytokinetics, valued at around $3.23 million.
Significant shifts in investment positions have also been noted among other hedge funds. Deep Track Capital LP expanded its stake in Cytokinetics by an impressive 296.9% during the fourth quarter, acquiring an additional 1,870,094 shares. The firm now holds 2.5 million shares, valued at $117.6 million. Similarly, Paradigm Biocapital Advisors LP entered a new position in the first quarter worth $34.51 million. Vestal Point Capital LP increased its holdings by 56.7% in the same quarter, now owning 2.35 million shares valued at $110.54 million. Orbimed Advisors LLC also significantly increased its stake, with a total of 1,584,005 shares valued at $74.51 million after acquiring 817,099 shares.
Cytokinetics’ stock performance reflects a volatile market, with shares opening at $49.99 recently. Over the past year, the stock has fluctuated, reaching a low of $29.31 and a high of $59.39. The company currently has a market capitalization of $5.98 billion, with a price-to-earnings ratio of -9.80 and a beta of 0.62.
Insider Transactions and Analyst Ratings
Recent insider activity indicates a cautious approach among executives. CEO Robert I. Blum sold 5,000 shares on July 29, which netted $182,250. Following this sale, Blum retains 388,108 shares valued at approximately $14.15 million, reflecting a 1.27% decrease in his ownership. Similarly, Executive Vice President Fady Ibraham Malik sold 2,000 shares on August 19 for a total of $76,620, which decreased his position by 1.40% to 140,610 shares worth about $5.39 million. In total, insiders sold 29,756 shares valued at $1.17 million over the last quarter, representing 2.70% of the company’s stock held by corporate insiders.
Analysts have varied perspectives on Cytokinetics. Raymond James Financial initiated coverage on July 30, giving it a “market perform” rating. Other firms have been more optimistic; Stifel Nicolaus raised their price target from $87.00 to $96.00 alongside a “buy” rating. Citigroup also adjusted its target price from $77.00 to $84.00, maintaining a “buy” designation. In contrast, Mizuho reduced its target from $103.00 to $84.00 while keeping an “outperform” rating. Currently, one analyst rates the stock as a Strong Buy, eleven as Buy, and three as Hold, leading to a consensus rating of “Moderate Buy” with a target price of $75.38.
Cytokinetics Overview
Cytokinetics, Incorporated is a late-stage biopharmaceutical company focused on developing muscle activators and inhibitors aimed at treating debilitating diseases. The firm specializes in small molecule drug candidates designed to enhance muscle function and contractility.
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