Legato Capital Management LLC Invests $967,000 in Cytokinetics, Incorporated $CYTK

Legato Capital Management LLC acquired a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 17,603 shares of the biopharmaceutical company’s stock, valued at approximately $967,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CYTK. EverSource Wealth Advisors LLC raised 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 acquiring an additional 673 shares in the last quarter. Hantz Financial Services Inc. increased its position in Cytokinetics by 2,872.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company’s stock worth $43,000 after purchasing an additional 1,264 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in Cytokinetics in the 3rd quarter valued at approximately $45,000. Fifth Third Bancorp boosted its position in Cytokinetics by 32.3% in the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock valued at $59,000 after buying an additional 262 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Cytokinetics by 68.4% during the third 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.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $60.72 on Wednesday. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $70.98. The company has a 50 day simple moving average of $64.07 and a two-hundred day simple moving average of $59.22. The company has a market capitalization of $7.48 billion, a PE ratio of -9.30 and a beta of 0.56.

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

Insider Activity at Cytokinetics

In other news, EVP Andrew Callos sold 52,486 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $65.95, for a total transaction of $3,461,451.70. Following the transaction, the executive vice president owned 50,660 shares in the company, valued at approximately $3,341,027. This represents a 50.89% 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, Director Wendell Wierenga sold 20,000 shares of the stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the transaction, the director directly owned 32,444 shares in the company, valued at $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 110,221 shares of company stock worth $7,101,425 in the last quarter. Company insiders own 3.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CYTK shares. Barclays began coverage on Cytokinetics in a report on Wednesday, January 28th. They set an “overweight” rating and a $87.00 price objective on the stock. Leerink Partners boosted their price target on Cytokinetics from $83.00 to $84.00 and gave the stock an “outperform” rating in a report on Thursday, February 26th. Truist Financial raised their price objective on shares of Cytokinetics from $84.00 to $92.00 and gave the company a “buy” rating in a report on Tuesday, February 3rd. Needham & Company LLC boosted their target price on shares of Cytokinetics from $84.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Finally, JPMorgan Chase & Co. raised their price target on shares of Cytokinetics from $70.00 to $74.00 and gave the company an “overweight” rating in a research note on Tuesday, January 20th. Seventeen research 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $88.83.

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.