Quinn Opportunity Partners LLC Increases Holdings in Cytokinetics, Incorporated $CYTK

Quinn Opportunity Partners LLC boosted its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 40.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 273,661 shares of the biopharmaceutical company’s stock after buying an additional 78,722 shares during the period. Cytokinetics accounts for 1.1% of Quinn Opportunity Partners LLC’s investment portfolio, making the stock its 16th largest position. Quinn Opportunity Partners LLC’s holdings in Cytokinetics were worth $15,040,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Glenmede Investment Management LP purchased a new position in shares of Cytokinetics during the 3rd quarter worth $604,000. Pathstone Holdings LLC grew its holdings in shares of Cytokinetics by 55.1% in the third quarter. Pathstone Holdings LLC now owns 38,278 shares of the biopharmaceutical company’s stock valued at $2,104,000 after purchasing an additional 13,600 shares during the period. Marshall Wace LLP increased its position in Cytokinetics by 743.3% during the third quarter. Marshall Wace LLP now owns 178,980 shares of the biopharmaceutical company’s stock worth $9,837,000 after purchasing an additional 157,755 shares during the last quarter. Kennedy Capital Management LLC increased its position in Cytokinetics by 95.2% during the third quarter. Kennedy Capital Management LLC now owns 13,021 shares of the biopharmaceutical company’s stock worth $716,000 after purchasing an additional 6,350 shares during the last quarter. Finally, Certuity LLC purchased a new position in Cytokinetics during the third quarter worth about $362,000.

Analyst Ratings Changes

Several research firms have weighed in on CYTK. HC Wainwright boosted their target price on shares of Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a report on Monday, December 22nd. Royal Bank Of Canada raised their price target on shares of Cytokinetics from $95.00 to $101.00 and gave the stock an “outperform” rating in a report on Friday, February 20th. Robert W. Baird set a $84.00 price objective on Cytokinetics in a report on Tuesday. The Goldman Sachs Group set a $95.00 price objective on Cytokinetics and gave the company a “buy” rating in a report on Thursday, December 18th. Finally, Truist Financial raised their target price on Cytokinetics from $84.00 to $92.00 and gave the stock a “buy” rating in a research note on Tuesday, February 3rd. Seventeen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus target price of $89.00.

Cytokinetics Price Performance

Shares of CYTK opened at $60.06 on Friday. The firm has a 50-day simple moving average of $63.92 and a two-hundred day simple moving average of $60.26. The stock has a market cap of $7.40 billion, a PE ratio of -9.20 and a beta of 0.56. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $70.98.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data 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 firm had revenue of $17.76 million for the quarter, compared to analysts’ expectations of $8.02 million. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.26) EPS. As a group, sell-side analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, Director Wendell Wierenga sold 20,000 shares of the company’s stock in a transaction on 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 represents a 38.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 2,907 shares of the firm’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $60.72, for a total value of $176,513.04. Following the transaction, the executive vice president owned 138,629 shares of the company’s stock, valued at approximately $8,417,552.88. This represents a 2.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 96,113 shares of company stock worth $5,994,726 in the last ninety days. 2.70% 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.