ACT Capital Management LLC Takes Position in Cytokinetics, Incorporated $CYTK

ACT Capital Management LLC purchased a new stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 64,500 shares of the biopharmaceutical company’s stock, valued at approximately $4,098,000. Cytokinetics comprises about 3.3% of ACT Capital Management LLC’s investment portfolio, making the stock its 12th biggest holding.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Cytokinetics by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after purchasing an additional 191,336 shares during the last quarter. State Street Corp lifted its holdings in Cytokinetics by 3.7% in the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock valued at $370,139,000 after buying an additional 207,961 shares during the period. Deep Track Capital LP lifted its holdings in Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after buying an additional 650,000 shares during the period. Geode Capital Management LLC lifted its holdings in Cytokinetics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after buying an additional 15,815 shares during the period. Finally, Vestal Point Capital LP lifted its holdings in Cytokinetics by 14.8% in the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after buying an additional 384,469 shares during the period.

Insider Activity at Cytokinetics

In related news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the transaction, the director owned 15,784 shares of the company’s stock, valued at approximately $1,169,278.72. This trade represents a 24.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of Cytokinetics stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the completion of the transaction, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. This trade represents a 21.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 113,739 shares of company stock valued at $7,837,220. Corporate insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CYTK. Morgan Stanley increased their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Bank of America restated a “neutral” rating on shares of Cytokinetics in a report on Wednesday, February 25th. Truist Financial set a $106.00 price objective on shares of Cytokinetics in a report on Tuesday, May 5th. Mizuho upped their price objective on shares of Cytokinetics from $84.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, March 18th. Finally, Robert W. Baird set a $84.00 price objective on shares of Cytokinetics in a research report on Tuesday, March 10th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Cytokinetics Trading Up 3.9%

Cytokinetics stock opened at $78.11 on Thursday. The company has a market cap of $9.72 billion, a P/E ratio of -11.42 and a beta of 0.42. Cytokinetics, Incorporated has a 1-year low of $31.99 and a 1-year high of $80.20. The company has a fifty day simple moving average of $70.93 and a 200 day simple moving average of $66.20.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. The firm’s revenue for the quarter was up 1112.5% on a year-over-year basis. During the same period last year, the business posted ($1.36) EPS. On average, equities research analysts forecast that Cytokinetics, Incorporated will post -6.29 EPS for the current year.

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.