Knott David M Jr Purchases Shares of 30,000 Cytokinetics, Incorporated $CYTK

Knott David M Jr acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 30,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,649,000. Cytokinetics makes up approximately 0.7% of Knott David M Jr’s investment portfolio, making the stock its 25th biggest position.

Several other institutional investors have also modified their holdings of CYTK. Norges Bank acquired a new stake in Cytokinetics during the 2nd quarter worth $39,122,000. Frazier Life Sciences Management L.P. acquired a new position in Cytokinetics during the second quarter worth approximately $18,328,000. Rosalind Advisors Inc. acquired a new stake in shares of Cytokinetics in the second quarter valued at approximately $13,216,000. Vestal Point Capital LP increased its holdings in shares of Cytokinetics by 14.8% in the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after acquiring an additional 384,469 shares during the period. Finally, AQR Capital Management LLC boosted its stake in Cytokinetics by 1,639.2% during the 2nd quarter. AQR Capital Management LLC now owns 347,739 shares of the biopharmaceutical company’s stock worth $11,489,000 after purchasing an additional 327,745 shares during the period.

Cytokinetics Stock Down 2.9%

Shares of NASDAQ:CYTK opened at $60.41 on Friday. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $70.98. The firm’s 50-day simple moving average is $63.95 and its 200-day simple moving average is $59.41. The company has a market cap of $7.44 billion, a price-to-earnings ratio of -9.25 and a beta of 0.56.

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

Insider Transactions at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 2,200 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $61.24, for a total transaction of $134,728.00. Following the completion of the transaction, the executive vice president directly owned 138,552 shares of the company’s stock, valued at approximately $8,484,924.48. This represents a 1.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Andrew Callos sold 26,000 shares of Cytokinetics stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $61.87, for a total value of $1,608,620.00. Following the completion of the sale, the executive vice president owned 50,440 shares in the company, valued at approximately $3,120,722.80. This trade represents a 34.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 83,735 shares of company stock valued at $5,248,594. Corporate insiders own 2.70% of the company’s stock.

Analyst Ratings Changes

CYTK has been the subject of a number of research reports. UBS Group upped their target price on shares of Cytokinetics from $61.00 to $69.00 and gave the company a “neutral” rating in a report on Friday. Truist Financial raised their price target on Cytokinetics from $84.00 to $92.00 and gave the stock a “buy” rating in a report on Tuesday, February 3rd. JPMorgan Chase & Co. boosted their price target on Cytokinetics from $70.00 to $74.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Citizens Jmp upped their price objective on Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a research note on Wednesday, February 25th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 price objective on shares of Cytokinetics in a research report on Friday, January 9th. Seventeen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.28.

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.