GABELLI & Co INVESTMENT ADVISERS INC. Sells 23,900 Shares of Cytokinetics, Incorporated $CYTK

GABELLI & Co INVESTMENT ADVISERS INC. trimmed its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 63.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,578 shares of the biopharmaceutical company’s stock after selling 23,900 shares during the quarter. GABELLI & Co INVESTMENT ADVISERS INC.’s holdings in Cytokinetics were worth $863,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. UMB Bank n.a. lifted its holdings in shares of Cytokinetics by 10.6% in the third quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock worth $97,000 after buying an additional 169 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Cytokinetics by 8.1% in the third quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company’s stock worth $191,000 after buying an additional 261 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Cytokinetics by 32.3% in the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after buying an additional 262 shares in the last quarter. Danske Bank A S lifted its holdings in shares of Cytokinetics by 23.1% in the fourth quarter. Danske Bank A S now owns 1,600 shares of the biopharmaceutical company’s stock worth $102,000 after buying an additional 300 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of Cytokinetics by 1.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 24,415 shares of the biopharmaceutical company’s stock worth $1,551,000 after buying an additional 300 shares in the last quarter.

Insider Activity at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $77.37, for a total value of $270,795.00. Following the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at $11,907,397.74. This trade represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the firm’s stock in a transaction that occurred 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 directly owned 58,555 shares in the company, valued at $3,806,075. This represents a 21.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 177,476 shares of company stock valued at $11,294,769 over the last three months. 2.60% of the stock is owned by corporate insiders.

Cytokinetics Price Performance

Shares of CYTK opened at $75.85 on Monday. The firm’s 50 day simple moving average is $65.93 and its 200 day simple moving average is $64.64. The company has a market capitalization of $9.44 billion, a P/E ratio of -11.09 and a beta of 0.38. Cytokinetics, Incorporated has a 1-year low of $29.75 and a 1-year high of $80.20.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. The company’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.36) earnings per share. On average, equities analysts anticipate that Cytokinetics, Incorporated will post -6.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

CYTK has been the topic of a number of recent analyst reports. Stifel Nicolaus increased their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Robert W. Baird set a $84.00 price target on shares of Cytokinetics in a report on Tuesday, March 10th. Truist Financial set a $106.00 price target on shares of Cytokinetics in a report on Tuesday, May 5th. Needham & Company LLC increased their price target on shares of Cytokinetics from $85.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Finally, Leerink Partners reissued an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $98.55.

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.