ExodusPoint Capital Management LP Makes New Investment in Cytokinetics, Incorporated $CYTK

ExodusPoint Capital Management LP acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 343,144 shares of the biopharmaceutical company’s stock, valued at approximately $21,803,000. ExodusPoint Capital Management LP owned about 0.28% of Cytokinetics as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Bank of Montreal Can grew its position in Cytokinetics by 1.2% during the 4th quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock worth $845,000 after purchasing an additional 160 shares during the last quarter. Kennedy Capital Management LLC grew its position in Cytokinetics by 1.2% during the 4th quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock worth $838,000 after purchasing an additional 162 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after purchasing an additional 171 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in Cytokinetics by 6.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,723 shares of the biopharmaceutical company’s stock worth $237,000 after purchasing an additional 239 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in shares of Cytokinetics by 32.3% in the 3rd quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after acquiring an additional 262 shares during the period.

Cytokinetics Stock Performance

CYTK stock opened at $75.21 on Wednesday. Cytokinetics, Incorporated has a one year low of $31.99 and a one year high of $80.20. The company has a fifty day moving average of $70.67 and a 200-day moving average of $66.13. The stock has a market capitalization of $9.36 billion, a PE ratio of -11.00 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. During the same quarter last year, the business earned ($1.36) EPS. The firm’s revenue for the quarter was up 1112.5% on a year-over-year basis. Equities analysts forecast that Cytokinetics, Incorporated will post -6.29 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In related news, CEO Robert I. Blum sold 7,500 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $70.46, for a total value of $528,450.00. Following the completion of the sale, the chief executive officer owned 385,330 shares in the company, valued at $27,150,351.80. This trade represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $67.98, for a total transaction of $237,930.00. Following the completion of the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at $10,462,257.96. This trade represents a 2.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 113,739 shares of company stock valued at $7,837,220. 2.60% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently commented on CYTK shares. Citigroup started coverage on shares of Cytokinetics in a research note on Monday, May 18th. They issued a “buy” rating and a $99.00 target price for the company. Barclays raised their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. HC Wainwright raised their target price on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Mizuho raised their target price on shares of Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 18th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $99.30.

Cytokinetics Company 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.