BlackRock Fund Advisors recently announced the acquisition of new stake in Cytokinetics Inc (NASDAQ:CYTK). The institutional investor has increased its shareholding in the Healthcare company by 0.15% to 14.19 million shares with purchase of 21755.0 shares. This fresh investment now brings its stake to 14.47% valued currently at $475.17 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.47 million to 10.48 million shares. And SSgA Funds Management, Inc. has lifted its position by 3.59% or 0.18 million shares – to 5.27 million shares.
With over 15.72 million Cytokinetics Inc (CYTK) shares trading Monday and a closing price of $108.06 on the day, the dollar volume was approximately $1.7 billion. The shares have shown a positive half year performance of 201.42% and its price on 01/08/24 gained nearly 15.29%. Currently, there are 94.83M common shares owned by the public and among those 93.62M shares have been available to trade.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 20 analysts who have offered their price forecasts for CYTK have a consensus price objective of $89.82. The analysts have set the share’s price value over the next 12 months at a high of $122.00 and a low of $42.40. The average price target is -20.31% below its recent price level and a downside to the estimated low will see the stock lose -154.86% over that period. But an upside of 11.43% will see the stock hit the forecast high price target while median target price for the stock is $92.50.
Insiders at the company have transacted a total of 116 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 60 of these insider trades were purchases, accounting for 521,654 shares. Insider sales of the common stock occurred on 56 occasions, with total insider shares sold totaling 403,166 shares.
The top 3 mutual fund holders in Cytokinetics Inc are iShares Core S&P Small Cap ETF, Vanguard Health Care Fund, and Vanguard Total Stock Market ETF. iShares Core S&P Small Cap ETF owns 6.42 million shares of the company’s stock, all valued at over $215.08 million. The company bought an additional 3030.0 shares recently to bring their total holdings to about 6.55% of the shares outstanding. Vanguard Total Stock Market ETF bought 5070.0 shares to bring its total holdings to over 3.15 million shares at a value of $105.52 million. Vanguard Total Stock Market ETF now owns shares totaling to 3.21% of the shares outstanding.
Shares of Cytokinetics Inc (NASDAQ: CYTK) opened at $89.30, down -$4.43 from a prior closing price of $93.73. However, the script later moved the day high at 110.00, up 15.29%. The company’s stock has a 5-day price change of 29.43% and 253.14% over the past three months. CYTK shares are trading 29.43% year to date (YTD), with the 12-month market performance up to 154.08% higher. It has a 12-month low price of $25.98 and touched a high of $95.61 over the same period. CYTK has an average intraday trading volume of 2.64 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 97.13%, 158.51%, and 195.99% respectively.
Institutional ownership of Cytokinetics Inc (NASDAQ: CYTK) shares accounts for 109.31% of the company’s 94.83M shares outstanding. Mutual fund holders own 36.10%, while other institutional holders and individual stakeholders account for 73.31% and 11.71% respectively.
It has a market capitalization of $10.60B and a beta (3y monthly) value of 0.72. The earnings-per-share (ttm) stands at -$5.52. Price movements for the stock have been influenced by the stock’s volatility, which stands at 11.84% over the week and 9.50% over the month.
Analysts forecast that Cytokinetics Inc (CYTK) will achieve an EPS of -$0.96 for the current quarter, -$1 for the next quarter and -$4.54 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.47 while analysts give the company a high EPS estimate of -$0.38. Comparatively, EPS for the current quarter was -$1.45 a year ago. Earnings per share for the fiscal year are expected to decrease by -12.64%, and 7.79% over the next financial year. EPS should grow at an annualized rate of 15.00% over the next five years, compared to -10.83% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 20 brokerage firm advisors rate Cytokinetics Inc (CYTK) as a “Strong Buy” at a consensus score of 1.35. Specifically, 15 Wall Street analysts polled rate the stock as a buy, while 2 of the 20 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CYTK, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on January 05, 2024, with the firm’s price target at $60-$90.
