Knott David M Jr Sells 10,356 Shares of Cytokinetics, Incorporated $CYTK

Knott David M Jr lessened its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 30.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,644 shares of the biopharmaceutical company’s stock after selling 10,356 shares during the quarter. Cytokinetics makes up 0.9% of Knott David M Jr’s portfolio, making the stock its 25th largest holding. Knott David M Jr’s holdings in Cytokinetics were worth $1,558,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings 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 during the period. Kemnay Advisory Services Inc. purchased a new position in Cytokinetics during the fourth quarter valued at $27,000. Kestra Advisory Services LLC bought a new stake in Cytokinetics during the fourth quarter valued at about $29,000. Quarry LP purchased a new stake in Cytokinetics in the third quarter worth about $30,000. Finally, Advisory Services Network LLC purchased a new stake in Cytokinetics in the third quarter worth about $32,000.

Cytokinetics Trading Down 0.3%

NASDAQ CYTK opened at $81.92 on Friday. Cytokinetics, Incorporated has a 12 month low of $32.89 and a 12 month high of $88.31. The stock has a market cap of $10.19 billion, a PE ratio of -11.98 and a beta of 0.42. The stock’s 50 day moving average is $78.44 and its 200 day moving average is $69.76.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. The company’s quarterly revenue was up 1112.5% compared to the same quarter last year. During the same period last year, the business earned ($1.36) earnings per share. On average, analysts forecast that Cytokinetics, Incorporated will post -6.22 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Truist Financial set a $106.00 price objective on Cytokinetics in a research report on Tuesday, May 5th. Stifel Nicolaus raised their target price on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. UBS Group raised shares of Cytokinetics from a “neutral” rating to a “buy” rating and lifted their price target for the company from $69.00 to $115.00 in a report on Monday, June 29th. Mizuho upped their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 24th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $99.90.

Insiders Place Their Bets

In related news, CEO Robert I. Blum sold 7,500 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $70.46, for a total transaction of $528,450.00. Following the completion of the transaction, the chief executive officer directly owned 385,330 shares of the company’s stock, valued at approximately $27,150,351.80. This trade represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of Cytokinetics stock in a transaction on Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the completion of the sale, the executive vice president owned 58,555 shares in the company, valued at approximately $3,806,075. This represents a 21.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 132,036 shares of company stock valued at $9,816,694. 2.60% 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.