Granahan Investment Management LLC Takes Position in Cytokinetics, Incorporated $CYTK

Granahan Investment Management LLC bought a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in the third quarter, HoldingsChannel reports. The firm bought 53,550 shares of the biopharmaceutical company’s stock, valued at approximately $2,943,000.

Other large investors also recently modified their holdings of the company. Deep Track Capital LP lifted its holdings in Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after buying an additional 650,000 shares during the period. Geode Capital Management LLC increased its stake in shares of Cytokinetics by 1.9% during the second quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company’s stock valued at $98,948,000 after buying an additional 56,961 shares during the period. Vestal Point Capital LP increased its stake in shares of Cytokinetics by 14.8% during the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after buying an additional 384,469 shares during the period. Norges Bank bought a new position in Cytokinetics in the 2nd quarter worth $39,122,000. Finally, Capital International Investors raised its stake in Cytokinetics by 0.9% in the third quarter. Capital International Investors now owns 1,178,780 shares of the biopharmaceutical company’s stock worth $64,786,000 after buying an additional 10,670 shares in the last quarter.

Cytokinetics Stock Up 1.3%

Shares of CYTK opened at $60.83 on Tuesday. The stock has a market cap of $7.49 billion, a P/E ratio of -9.32 and a beta of 0.56. The business’s 50 day moving average price is $63.91 and its 200-day moving average price is $60.74. Cytokinetics, Incorporated has a 52 week low of $29.31 and a 52 week high of $70.98.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates 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. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.26) earnings per share. On average, equities analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CYTK shares. Morgan Stanley set a $90.00 target price on Cytokinetics in a research note on Thursday, January 8th. HC Wainwright upped their price target on Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Royal Bank Of Canada increased their price objective on Cytokinetics from $95.00 to $101.00 and gave the stock an “outperform” rating in a report on Friday, February 20th. Bank of America reissued a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cytokinetics from $70.00 to $74.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Seventeen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.00.

Insider Transactions at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 2,907 shares of Cytokinetics stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $60.72, for a total value of $176,513.04. Following the completion of the transaction, the executive vice president owned 138,629 shares of the company’s stock, valued at $8,417,552.88. The trade was a 2.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andrew Callos sold 1,709 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $61.03, for a total transaction of $104,300.27. Following the completion of the transaction, the executive vice president owned 46,149 shares in the company, valued at approximately $2,816,473.47. The trade was a 3.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 95,622 shares of company stock valued at $5,964,298. Insiders own 3.40% of the company’s stock.

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.