Readystate Asset Management LP Has $7.83 Million Stock Holdings in Cytokinetics, Incorporated $CYTK

Readystate Asset Management LP trimmed its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 99.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 142,482 shares of the biopharmaceutical company’s stock after selling 34,989,736 shares during the period. Readystate Asset Management LP’s holdings in Cytokinetics were worth $7,831,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its stake in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Cytokinetics by 32.3% in the 3rd quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 262 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Cytokinetics by 68.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,115 shares of the biopharmaceutical company’s stock worth $61,000 after purchasing an additional 453 shares in the last quarter. Hantz Financial Services Inc. grew its position in Cytokinetics by 2,872.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company’s stock valued at $43,000 after purchasing an additional 1,264 shares during the period. Finally, Root Financial Partners LLC bought a new stake in Cytokinetics during the 3rd quarter valued at $80,000.

Insider Transactions at Cytokinetics

In related news, EVP Andrew Callos sold 15,000 shares of the firm’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $61.93, for a total transaction of $928,950.00. Following the completion of the sale, the executive vice president owned 50,440 shares in the company, valued at approximately $3,123,749.20. This trade represents a 22.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Wendell Wierenga sold 20,000 shares of Cytokinetics stock in a transaction dated 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 completion of the sale, the director directly owned 32,444 shares in the company, valued at approximately $2,145,846.16. This represents a 38.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 151,385 shares of company stock worth $9,817,158 in the last ninety days. Company insiders own 3.40% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on CYTK. Leerink Partners set a $83.00 price objective on shares of Cytokinetics in a research note on Monday, December 22nd. B. Riley Financial raised their price target on shares of Cytokinetics from $90.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. The Goldman Sachs Group set a $95.00 price target on Cytokinetics and gave the company a “buy” rating in a research note on Thursday, December 18th. Needham & Company LLC increased their price objective on Cytokinetics from $72.00 to $84.00 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Finally, Jefferies Financial Group restated a “buy” rating and issued a $90.00 target price on shares of Cytokinetics in a report on Friday, January 9th. Sixteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and an average target price of $87.94.

Cytokinetics Trading Up 0.5%

Shares of Cytokinetics stock opened at $66.62 on Wednesday. The business’s fifty day simple moving average is $63.49 and its 200 day simple moving average is $57.17. Cytokinetics, Incorporated has a 12 month low of $29.31 and a 12 month high of $70.98. The firm has a market capitalization of $8.14 billion, a P/E ratio of -10.59 and a beta of 0.54.

Cytokinetics 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.