Voya Investment Management LLC has recently confirmed a decrease in their holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 7.1% during the fourth quarter of the recent fiscal year. This was done through a recent filing with the Securities and Exchange Commission (SEC), revealing that they now own only 190,462 shares after selling 14,464 of them over the course of this quarter. Even more interestingly, however, is the fact that Voya Investment Management LLC now owns a mere 0.20% of Cytokinetics’ stocks, which are currently worth $8,727,000 as per its latest SEC filing.
Cytokinetics last announced its quarterly earnings data on Thursday May 4th; an eventful day that garnered much attention. The biopharmaceutical company reported a disappointing ($1.38) earnings per share for the quarter- falling short of analysts’ consensus estimates by ($0.14). But on the bright side, they had revenue of $4.60 million for that same period in comparison with analysts’ expectations which were about $2.50 million- making them beat all odds! Cytokinetics showed growth in their business’s quarterly revenue which was up 300% on a year-over-year basis; impressive customers were seeing their efforts being positively reflected here.
As we know it today, Cytokinetics is a leading late-stage biopharmaceutical firm focusing primarily on discovering, developing and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases such as ALS – making them exceptional players an even more exceptional cause to lead.
Over time what makes us realize how much every penny invested really counts when we see our gained or lost first quarter’s coming to light- something not so different from Voya itself as many other investors must feel right now- especially given Cytokinetics falling short despite all odds while promising to make improvements this year. Indeed, analysts forecast that Cytokinetics, Incorporated will post -4.46 EPS for the current fiscal year. But being a company that historically has always striven to achieve excellence, we mustn’t lose hope in their ventures as they continue to try and make a difference with each and every move they take.
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Institutional Investors Increase Holdings in Muscle Activator Biopharmaceutical Company, Cytokinetics
Cytokinetics, Incorporated is a biopharmaceutical company working on the discovery, development, and commercialization of muscle activators and inhibitors as potential treatments for debilitating diseases. Recently, several institutional investors have bought and sold shares of CYTK. BlackRock Inc. grew its stake in Cytokinetics by 8.6% during the third quarter, now owning 14,569,992 shares worth $705,918,000 after acquiring an additional 1,156,696 shares during that time period. Vanguard Group Inc. also grew its stake in Cytokinetics by 11.5% during Q3 and currently owns 9,991,334 shares worth $484,081,000 after adding an extra 1,031,114 shares to their portfolio at that time.
State Street Corp meanwhile grew its stake in Cytokinetics by 7.3% during the second quarter with ownership of over four million shares worth $176.97 million gained from acquiring a further 307,394 shares at this time; Geode Capital Management LLC also increased their holdings in CYTK by 4.2% during the fourth quarter leaving them with over two million shares now valued at around $75 million after they acquired another +66k new investments there.
Finally Bank of New York Mellon Corp expanded their share portfolio in Cytokinetics by approximately +20%, rising to around one-hundred-and-forty-million dollars’ worth over three months – this growth resulted from acquiring an added ownership of two-hundred-and-thirty-five thousand eight-hundred-and-twenty-three valued stocks there on top of what was already held prior.
Despite this healthy support from big institutions however – as reported Bloomberg’s research analysts – CYTK’s average rating remains that of ‘Moderate Buy’, though ten research firms have given it a full buy rating while one other firm has given it a sell rating thus far; Cantor Fitzgerald notably cut CYTK’s target price by $2.00 to a decently hearty $59 today in summary of a recently published research note too.
