Frazier Life Sciences Management L.P. Raises Holdings in Cytokinetics, Incorporated $CYTK

Frazier Life Sciences Management L.P. lifted its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 5.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 934,642 shares of the biopharmaceutical company’s stock after purchasing an additional 44,197 shares during the period. Cytokinetics comprises approximately 1.6% of Frazier Life Sciences Management L.P.’s holdings, making the stock its 19th biggest holding. Frazier Life Sciences Management L.P. owned 0.76% of Cytokinetics worth $59,387,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Cytokinetics by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after purchasing an additional 191,336 shares in the last quarter. State Street Corp increased its stake in shares of Cytokinetics by 3.7% during the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock worth $370,139,000 after purchasing an additional 207,961 shares in the last quarter. Deep Track Capital LP increased its stake in shares of Cytokinetics by 17.8% during the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after purchasing an additional 650,000 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Cytokinetics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock worth $194,214,000 after purchasing an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP increased its stake in shares of Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after purchasing an additional 384,469 shares in the last quarter.

Cytokinetics Stock Up 1.3%

Shares of CYTK opened at $70.15 on Friday. The firm has a market cap of $8.73 billion, a PE ratio of -10.26 and a beta of 0.42. The company’s fifty day moving average is $70.40 and its two-hundred day moving average is $66.06. Cytokinetics, Incorporated has a fifty-two week low of $31.99 and a fifty-two week high of $80.20.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly 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 analyst estimates of $8.52 million. The firm’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same quarter last year, the business earned ($1.36) EPS. As a group, equities research analysts anticipate that Cytokinetics, Incorporated will post -6.29 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CYTK. Wells Fargo & Company raised their price objective on shares of Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. HC Wainwright raised their price objective on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Citizens Jmp raised their price objective on shares of Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 25th. Needham & Company LLC raised their target price on shares of Cytokinetics from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Finally, Citigroup began coverage on shares of Cytokinetics in a research report on Monday, May 18th. They set a “buy” rating and a $99.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $99.30.

Insider Activity at Cytokinetics

In related news, 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 transaction, the executive vice president owned 58,555 shares in the company, valued at approximately $3,806,075. The trade was a 21.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 12,033 shares of Cytokinetics stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total transaction of $747,850.95. Following the transaction, the executive vice president owned 153,902 shares in the company, valued at $9,565,009.30. The trade was a 7.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 171,989 shares of company stock worth $11,393,064. 2.60% of the stock is currently owned by corporate insiders.

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.