Cytokinetics, Incorporated $CYTK Shares Sold by Stempoint Capital LP

Stempoint Capital LP lessened its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 11.8% in the first quarter, Holdings Channel.com reports. The institutional investor owned 129,577 shares of the biopharmaceutical company’s stock after selling 17,401 shares during the quarter. Cytokinetics makes up 1.6% of Stempoint Capital LP’s portfolio, making the stock its 20th largest holding. Stempoint Capital LP’s holdings in Cytokinetics were worth $8,540,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Woodline Partners LP lifted its holdings in Cytokinetics by 676.1% in the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock worth $90,559,000 after acquiring an additional 1,435,422 shares during the last quarter. Norges Bank bought a new position in shares of Cytokinetics during the fourth quarter valued at approximately $51,281,000. Deep Track Capital LP grew its holdings in shares of Cytokinetics by 17.8% during 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 purchasing an additional 650,000 shares during the last quarter. Siren L.L.C. acquired a new stake in shares of Cytokinetics during the 1st quarter worth approximately $40,466,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Cytokinetics by 151,987.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock worth $35,949,000 after purchasing an additional 565,393 shares during the period.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $77.21, for a total value of $579,075.00. Following the completion of the transaction, the chief executive officer owned 392,830 shares of the company’s stock, valued at approximately $30,330,404.30. This represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the firm’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $65.00, for a total value of $1,030,705.00. Following the transaction, the executive vice president directly owned 58,555 shares in the company, valued at $3,806,075. This trade represents a 21.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 120,536 shares of company stock worth $9,309,234. 2.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

CYTK has been the subject of a number of analyst reports. Stifel Nicolaus boosted their price objective on Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada dropped their target price on Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 7th. Morgan Stanley raised their target price on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Wells Fargo & Company boosted their price target on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Barclays boosted their price target on shares of Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, April 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $99.90.

Cytokinetics Trading Down 1.3%

CYTK opened at $78.39 on Thursday. The business’s 50 day moving average is $78.70 and its 200-day moving average is $70.21. The stock has a market cap of $9.75 billion, a PE ratio of -11.46 and a beta of 0.42. Cytokinetics, Incorporated has a twelve month low of $32.89 and a twelve month high of $88.31.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting 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. During the same period last year, the company earned ($1.36) earnings per share. The business’s quarterly revenue was up 1112.5% compared to the same quarter last year. As a group, analysts forecast that Cytokinetics, Incorporated will post -6.2 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.