Cinctive Capital Management LP Buys New Stake in Cytokinetics, Incorporated $CYTK

Cinctive Capital Management LP bought a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 105,641 shares of the biopharmaceutical company’s stock, valued at approximately $5,806,000.

Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its position in shares of Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 673 shares during the period. Johnson Financial Group Inc. purchased a new stake in shares of Cytokinetics in the 3rd quarter valued at $40,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Cytokinetics in the 3rd quarter valued at $45,000. Fifth Third Bancorp lifted its stake in Cytokinetics by 32.3% during the 3rd quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after acquiring an additional 262 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in Cytokinetics by 68.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,115 shares of the biopharmaceutical company’s stock valued at $61,000 after acquiring an additional 453 shares during the period.

Cytokinetics Trading Up 0.1%

Cytokinetics stock opened at $60.06 on Monday. The company has a fifty day simple moving average of $63.92 and a 200-day simple moving average of $60.57. The stock has a market cap of $7.40 billion, a P/E 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.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The company had revenue of $17.76 million during the quarter, compared to analysts’ expectations of $8.02 million. During the same quarter in the previous year, the business earned ($1.26) earnings per share. Cytokinetics’s revenue was up 4.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert I. Blum sold 7,931 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $60.72, for a total transaction of $481,570.32. Following the completion of the sale, the chief executive officer owned 391,673 shares in the company, valued at $23,782,384.56. The trade was a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 2,907 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $60.72, for a total value of $176,513.04. Following the sale, the executive vice president owned 138,629 shares of the company’s stock, valued at approximately $8,417,552.88. The trade was a 2.05% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 96,113 shares of company stock valued at $5,994,726. 3.40% of the stock is owned by insiders.

Analysts Set New Price Targets

CYTK has been the subject of several research reports. Leerink Partners reaffirmed an “outperform” rating on shares of Cytokinetics in a research report on Tuesday, March 10th. Royal Bank Of Canada increased their price target on shares of Cytokinetics from $95.00 to $101.00 and gave the stock an “outperform” rating in a research report on Friday, February 20th. Jefferies Financial Group reissued a “buy” rating and issued a $90.00 price objective on shares of Cytokinetics in a research note on Friday, January 9th. Citizens Jmp lifted their price objective on shares of Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a report on Wednesday, February 25th. Finally, Morgan Stanley set a $90.00 target price on shares of Cytokinetics in a research note on Thursday, January 8th. Seventeen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.00.

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.