Bayforest Capital Ltd Takes $646,000 Position in Cytokinetics, Incorporated $CYTK

Bayforest Capital Ltd purchased a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 11,747 shares of the biopharmaceutical company’s stock, valued at approximately $646,000.

Other hedge funds have also recently bought and sold shares of the company. Sanders Morris Harris LLC acquired a new stake in Cytokinetics in the third quarter valued at $1,182,000. Moody Aldrich Partners LLC purchased a new stake in shares of Cytokinetics in the 3rd quarter worth about $4,532,000. Norges Bank acquired a new stake in Cytokinetics in the 2nd quarter valued at about $39,122,000. Aberdeen Group plc grew its stake in Cytokinetics by 53.2% in the 2nd quarter. Aberdeen Group plc now owns 922,929 shares of the biopharmaceutical company’s stock valued at $30,494,000 after acquiring an additional 320,508 shares during the last quarter. Finally, Zweig DiMenna Associates LLC purchased a new position in Cytokinetics during the 2nd quarter valued at about $1,176,000.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CYTK. Royal Bank Of Canada upped their price target on shares of Cytokinetics from $87.00 to $95.00 and gave the company an “outperform” rating in a report on Monday, December 22nd. Barclays upped their target price on Cytokinetics from $82.00 to $87.00 and gave the company an “overweight” rating in a research note on Monday, December 22nd. The Goldman Sachs Group set a $95.00 target price on Cytokinetics and gave the company a “buy” rating in a report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Wednesday, October 8th. Finally, Bank of America upped their price objective on Cytokinetics from $52.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, October 2nd. Sixteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $84.95.

Cytokinetics Stock Performance

Shares of CYTK opened at $62.51 on Friday. The stock has a fifty day moving average of $63.72 and a two-hundred day moving average of $51.70. The company has a market capitalization of $7.64 billion, a PE ratio of -9.94 and a beta of 0.55. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $70.98.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.59) by $0.05. The business had revenue of $1.94 million for the quarter, compared to analyst estimates of $6.05 million. Cytokinetics’s revenue for the quarter was up 318.1% compared to the same quarter last year. During the same quarter last year, the business earned ($1.36) EPS. As a group, equities research analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert Arthur Harrington sold 2,150 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $66.80, for a total value of $143,620.00. Following the completion of the sale, the director directly owned 18,542 shares in the company, valued at approximately $1,238,605.60. The trade was a 10.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wendell Wierenga sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the transaction, the director directly owned 32,444 shares of the company’s stock, valued at $2,145,846.16. This trade represents a 38.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 166,649 shares of company stock worth $10,770,212 over the last ninety days. Insiders own 2.70% of the company’s stock.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.