Vestal Point Capital LP Sells 575,000 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Vestal Point Capital LP lessened its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 27.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,500,000 shares of the biopharmaceutical company’s stock after selling 575,000 shares during the period. Cytokinetics accounts for about 6.0% of Vestal Point Capital LP’s portfolio, making the stock its 3rd largest position. Vestal Point Capital LP owned 1.27% of Cytokinetics worth $79,200,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CYTK. J.Safra Asset Management Corp boosted its position in Cytokinetics by 642.3% in the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after buying an additional 456 shares during the last quarter. UMB Bank n.a. boosted its holdings in Cytokinetics by 65.6% in the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 238 shares during the last quarter. Blue Trust Inc. increased its position in Cytokinetics by 225.9% in the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 680 shares during the period. Values First Advisors Inc. bought a new stake in Cytokinetics during the 3rd quarter worth about $54,000. Finally, Quarry LP lifted its position in Cytokinetics by 233.3% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after purchasing an additional 1,400 shares during the period.

Wall Street Analyst Weigh In

CYTK has been the subject of several analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research report on Wednesday, November 20th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Mizuho increased their price target on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. JMP Securities restated a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada started coverage on Cytokinetics in a report on Friday, November 8th. They issued an “outperform” rating and a $80.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.93.

Insider Buying and Selling

In related news, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $50.16, for a total value of $366,168.00. Following the transaction, the executive vice president now owns 111,878 shares in the company, valued at approximately $5,611,800.48. This trade represents a 6.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total transaction of $285,150.00. Following the sale, the chief executive officer now owns 397,456 shares in the company, valued at $22,666,915.68. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,378 shares of company stock valued at $3,880,287. 3.40% of the stock is owned by company insiders.

Cytokinetics Stock Up 0.4 %

Shares of CYTK stock opened at $52.22 on Friday. Cytokinetics, Incorporated has a 52-week low of $30.68 and a 52-week high of $110.25. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The firm’s 50-day moving average is $53.31 and its 200-day moving average is $54.48.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The firm had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. The company’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.35) EPS. As a group, equities research analysts forecast that Cytokinetics, Incorporated will post -5.25 EPS for the current fiscal year.

Cytokinetics Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.