Bridgefront Capital LLC Invests $572,000 in Cytokinetics, Incorporated $CYTK

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

A number of other hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its stake in 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 purchasing an additional 673 shares during the last quarter. Johnson Financial Group Inc. bought a new position in shares of Cytokinetics in the 3rd quarter valued at $40,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Cytokinetics during the 3rd quarter worth $45,000. Fifth Third Bancorp raised its holdings in shares of 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 buying an additional 262 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of Cytokinetics by 68.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,115 shares of the biopharmaceutical company’s stock worth $61,000 after buying an additional 453 shares during the last quarter.

Analyst Ratings Changes

Several analysts recently weighed in on CYTK shares. The Goldman Sachs Group set a $95.00 price objective on Cytokinetics and gave the company a “buy” rating in a research note on Thursday, December 18th. Bank of America reissued a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Barclays assumed coverage on shares of Cytokinetics in a research note on Wednesday, January 28th. They issued an “overweight” rating and a $87.00 price target on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 price target on shares of Cytokinetics in a report on Friday, January 9th. Finally, Royal Bank Of Canada upped their price objective 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. 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 company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.00.

Cytokinetics Trading Up 0.1%

Shares of CYTK opened at $60.06 on Monday. The stock’s 50-day moving average price is $63.92 and its two-hundred day moving average price is $60.57. Cytokinetics, Incorporated has a 12 month low of $29.31 and a 12 month high of $70.98. The company has a market capitalization of $7.40 billion, a PE ratio of -9.20 and a beta of 0.56.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results 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 firm had revenue of $17.76 million during the quarter, compared to the consensus estimate of $8.02 million. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period last year, the firm posted ($1.26) earnings per share. Equities research analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Insider Activity

In other Cytokinetics news, Director Wendell Wierenga sold 20,000 shares of the stock in a transaction that occurred on 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 represents a 38.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Andrew Callos sold 2,582 shares of the firm’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 $156,779.04. Following the transaction, the executive vice president owned 47,858 shares of the company’s stock, valued at approximately $2,905,937.76. The trade was a 5.12% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 96,113 shares of company stock worth $5,994,726. 3.40% of the stock is owned by company insiders.

Cytokinetics 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.