Kennedy Capital Management LLC Raises Stock Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Kennedy Capital Management LLC grew its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 22.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,423 shares of the biopharmaceutical company’s stock after purchasing an additional 1,172 shares during the quarter. Kennedy Capital Management LLC’s holdings in Cytokinetics were worth $302,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Harvey Capital Management Inc. bought a new position in Cytokinetics in the fourth quarter worth about $1,040,000. abrdn plc raised its position in shares of Cytokinetics by 29.4% in the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock worth $21,192,000 after acquiring an additional 102,457 shares in the last quarter. AlphaQuest LLC lifted its stake in shares of Cytokinetics by 113,500.0% in the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 1,135 shares during the period. Vanguard Group Inc. lifted its stake in shares of Cytokinetics by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock valued at $560,520,000 after purchasing an additional 154,216 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Cytokinetics by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company’s stock valued at $62,807,000 after purchasing an additional 13,798 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Royal Bank of Canada raised their price objective on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Citigroup initiated coverage on shares of Cytokinetics in a research report on Friday, February 7th. They set a “buy” rating and a $86.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a report on Tuesday, April 8th. JMP Securities reiterated a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a report on Thursday, April 10th. Finally, Bank of America cut their price target on Cytokinetics from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $81.63.

Insider Transactions at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 2,000 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $48.06, for a total transaction of $96,120.00. Following the completion of the sale, the executive vice president now owns 116,071 shares of the company’s stock, valued at $5,578,372.26. This represents a 1.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $36.77, for a total transaction of $183,850.00. Following the completion of the transaction, the chief executive officer now directly owns 422,629 shares in the company, valued at approximately $15,540,068.33. The trade was a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,170 shares of company stock worth $2,766,739 in the last ninety days. Insiders own 3.40% of the company’s stock.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $38.56 on Wednesday. The firm’s 50-day moving average price is $42.80 and its 200-day moving average price is $48.00. Cytokinetics, Incorporated has a 52-week low of $32.74 and a 52-week high of $70.52. The company has a market cap of $4.60 billion, a PE ratio of -7.17 and a beta of 0.94. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.29) by $0.03. The company had revenue of $16.93 million during the quarter, compared to analysts’ expectations of $14.26 million. As a group, analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.