Bridgefront Capital LLC Purchases Shares of 10,409 Cytokinetics, Incorporated $CYTK

Bridgefront Capital LLC acquired a new position in Cytokinetics, Incorporated (NASDAQ:CYTK) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 10,409 shares of the biopharmaceutical company’s stock, valued at approximately $572,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. California Public Employees Retirement System boosted its position in shares of Cytokinetics by 5.5% during the 3rd quarter. California Public Employees Retirement System now owns 150,399 shares of the biopharmaceutical company’s stock valued at $8,266,000 after purchasing an additional 7,797 shares in the last quarter. Aquatic Capital Management LLC increased its holdings in Cytokinetics by 2,371.7% in the third quarter. Aquatic Capital Management LLC now owns 135,869 shares of the biopharmaceutical company’s stock worth $7,467,000 after purchasing an additional 130,372 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Cytokinetics by 63.7% in the third quarter. Ameriprise Financial Inc. now owns 564,547 shares of the biopharmaceutical company’s stock worth $31,028,000 after purchasing an additional 219,581 shares in the last quarter. Creative Planning lifted its stake in Cytokinetics by 81.7% in the third quarter. Creative Planning now owns 87,310 shares of the biopharmaceutical company’s stock valued at $4,799,000 after buying an additional 39,248 shares during the period. Finally, Raymond James Financial Inc. boosted its holdings in shares of Cytokinetics by 674.6% during the 3rd quarter. Raymond James Financial Inc. now owns 42,208 shares of the biopharmaceutical company’s stock worth $2,320,000 after buying an additional 36,759 shares in the last quarter.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Leerink Partners reiterated an “outperform” rating on shares of Cytokinetics in a research report on Tuesday, March 10th. Needham & Company LLC increased their target price on shares of Cytokinetics from $84.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a report on Wednesday, January 21st. Finally, B. Riley Financial lifted their price target on shares of Cytokinetics from $90.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Seventeen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $89.00.

Cytokinetics Stock Up 0.1%

Shares of NASDAQ:CYTK opened at $60.06 on Monday. The stock has a market cap of $7.40 billion, a price-to-earnings ratio of -9.20 and a beta of 0.56. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $70.98. The business’s 50 day moving average is $63.92 and its 200 day moving average is $60.57.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The company had revenue of $17.76 million during the quarter, compared to analyst estimates of $8.02 million. During the same period in the prior year, the firm earned ($1.26) earnings per share. The company’s revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Insider Activity

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,907 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $60.72, for a total value of $176,513.04. Following the completion of the sale, the executive vice president directly owned 138,629 shares of the company’s stock, valued at approximately $8,417,552.88. This represents a 2.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Wendell Wierenga sold 20,000 shares of the stock in a transaction dated Monday, December 22nd. The shares were 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 owned 32,444 shares of the company’s stock, valued at approximately $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 sold 96,113 shares of company stock valued at $5,994,726 over the last ninety days. Company insiders own 3.40% of the company’s stock.

About Cytokinetics

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.