Cinctive Capital Management LP Takes Position in Cytokinetics, Incorporated $CYTK

Cinctive Capital Management LP purchased a new position in Cytokinetics, Incorporated (NASDAQ:CYTK) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 105,641 shares of the biopharmaceutical company’s stock, valued at approximately $5,806,000. Cinctive Capital Management LP owned approximately 0.09% of Cytokinetics at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Johnson Financial Group Inc. purchased a new stake in Cytokinetics during the 3rd quarter valued at about $40,000. EverSource Wealth Advisors LLC lifted its stake in Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in Cytokinetics in the 3rd quarter worth approximately $45,000. 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 worth $59,000 after purchasing an additional 262 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Cytokinetics by 68.4% in the third quarter. Farther Finance Advisors LLC now owns 1,115 shares of the biopharmaceutical company’s stock valued at $61,000 after purchasing an additional 453 shares in the last quarter.

Cytokinetics Stock Performance

Shares of Cytokinetics stock opened at $60.06 on Monday. The stock has a 50 day moving average of $63.92 and a 200 day moving average of $60.57. The firm has a market capitalization of $7.40 billion, a price-to-earnings ratio of -9.20 and a beta of 0.56. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $70.98.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The business had revenue of $17.76 million during the quarter, compared to the consensus estimate of $8.02 million. During the same quarter in the prior year, the company earned ($1.26) EPS. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. Analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on CYTK. Robert W. Baird set a $84.00 price target on Cytokinetics in a report on Tuesday, March 10th. Barclays started coverage on Cytokinetics in a report on Wednesday, January 28th. They issued an “overweight” rating and a $87.00 target price for the company. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a research note on Monday, December 22nd. Truist Financial boosted their price target on shares of Cytokinetics from $84.00 to $92.00 and gave the company a “buy” rating in a research report on Tuesday, February 3rd. Finally, Morgan Stanley set a $90.00 price objective on shares of Cytokinetics in a report on Thursday, January 8th. Seventeen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $89.00.

Insiders Place Their Bets

In related news, EVP Andrew Callos sold 2,582 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $60.72, for a total value of $156,779.04. Following the sale, the executive vice president directly owned 47,858 shares in the company, valued at approximately $2,905,937.76. The trade was a 5.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 2,907 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $60.72, for a total transaction of $176,513.04. Following the completion of the transaction, the executive vice president directly owned 138,629 shares in the company, valued at $8,417,552.88. The trade was a 2.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 96,113 shares of company stock valued at $5,994,726 over the last 90 days. Company insiders own 3.40% of the company’s stock.

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.