Readystate Asset Management LP Sells 34,989,736 Shares of Cytokinetics, Incorporated $CYTK

Readystate Asset Management LP reduced its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 99.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 142,482 shares of the biopharmaceutical company’s stock after selling 34,989,736 shares during the period. Readystate Asset Management LP owned about 0.12% of Cytokinetics worth $7,831,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CYTK. EverSource Wealth Advisors LLC boosted its position in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 673 shares in the last quarter. Hantz Financial Services Inc. lifted its stake in shares of Cytokinetics by 2,872.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company’s stock valued at $43,000 after acquiring an additional 1,264 shares during the last quarter. Fifth Third Bancorp boosted 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 valued at $59,000 after acquiring an additional 262 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings 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 valued at $61,000 after acquiring an additional 453 shares in the last quarter. Finally, Root Financial Partners LLC bought a new stake in Cytokinetics during the 3rd quarter worth $80,000.

Insider Buying and Selling

In other news, EVP Andrew Callos sold 15,000 shares of Cytokinetics stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $61.93, for a total value of $928,950.00. Following the completion of the sale, the executive vice president owned 50,440 shares in the company, valued at $3,123,749.20. The trade was a 22.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Fady Ibraham Malik sold 2,200 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $61.24, for a total transaction of $134,728.00. Following the transaction, the executive vice president owned 138,552 shares in the company, valued at $8,484,924.48. The trade was a 1.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 151,385 shares of company stock valued at $9,817,158 over the last 90 days. Company insiders own 3.40% of the company’s stock.

Wall Street Analysts Forecast Growth

CYTK has been the subject of several research reports. Needham & Company LLC increased their target price on Cytokinetics from $72.00 to $84.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. JPMorgan Chase & Co. raised their price objective on shares of Cytokinetics from $70.00 to $74.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Royal Bank Of Canada reissued an “outperform” rating and set a $95.00 target price on shares of Cytokinetics in a report on Wednesday, January 21st. UBS Group restated a “neutral” rating and issued a $61.00 price target on shares of Cytokinetics in a research report on Monday, December 1st. Finally, B. Riley Financial boosted their price objective on shares of Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, January 21st. Sixteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and an average price target of $87.94.

Cytokinetics Stock Up 0.5%

CYTK opened at $66.62 on Wednesday. Cytokinetics, Incorporated has a twelve month low of $29.31 and a twelve month high of $70.98. The company has a fifty day moving average of $63.49 and a 200-day moving average of $57.17. The stock has a market cap of $8.14 billion, a PE ratio of -10.59 and a beta of 0.54.

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.