GABELLI & Co INVESTMENT ADVISERS INC. Makes New $2.06 Million Investment in Cytokinetics, Incorporated $CYTK

GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 37,478 shares of the biopharmaceutical company’s stock, valued at approximately $2,060,000.

Several other institutional investors have also recently made changes to their positions in the company. Lisanti Capital Growth LLC bought a new position in shares of Cytokinetics in the third quarter valued at approximately $2,697,000. Sanders Morris Harris LLC purchased a new position in shares of Cytokinetics in the 3rd quarter worth about $1,182,000. Y Intercept Hong Kong Ltd bought a new position in Cytokinetics during the third quarter valued at about $1,359,000. Moody Aldrich Partners LLC bought a new position in Cytokinetics during the third quarter valued at about $4,532,000. Finally, Norges Bank purchased a new stake in Cytokinetics during the second quarter worth about $39,122,000.

Cytokinetics Price Performance

CYTK opened at $60.41 on Friday. The stock’s 50 day simple moving average is $63.95 and its 200 day simple moving average is $59.41. The firm has a market cap of $7.44 billion, a price-to-earnings ratio of -9.25 and a beta of 0.56. Cytokinetics, Incorporated has a 1 year low of $29.31 and a 1 year high of $70.98.

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

Insider Buying and Selling

In other Cytokinetics news, EVP Andrew Callos sold 26,000 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the completion of the transaction, the executive vice president owned 50,440 shares of the company’s stock, valued at $3,120,722.80. This represents a 34.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Wendell Wierenga sold 20,000 shares of the stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $66.14, for a total value 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 SEC filing for this sale provides additional information. Insiders have sold 83,735 shares of company stock valued at $5,248,594 over the last ninety days. 2.70% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CYTK shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Wednesday, January 21st. Leerink Partners boosted their target price on shares of Cytokinetics from $83.00 to $84.00 and gave the company an “outperform” rating in a report on Thursday, February 26th. Barclays initiated coverage on shares of Cytokinetics in a report on Wednesday, January 28th. They set an “overweight” rating and a $87.00 target price on the stock. Truist Financial raised their price target on shares of Cytokinetics from $84.00 to $92.00 and gave the company a “buy” rating in a report on Tuesday, February 3rd. Finally, The Goldman Sachs Group set a $95.00 price target on shares of Cytokinetics and gave the company a “buy” rating in a research report on Thursday, December 18th. Seventeen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $89.28.

Cytokinetics Company 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.