Cytokinetics, Incorporated $CYTK Shares Sold by Stempoint Capital LP

Stempoint Capital LP lowered its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 11.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 129,577 shares of the biopharmaceutical company’s stock after selling 17,401 shares during the quarter. Cytokinetics comprises 1.6% of Stempoint Capital LP’s portfolio, making the stock its 20th largest position. Stempoint Capital LP owned about 0.10% of Cytokinetics worth $8,540,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC boosted its holdings in Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in shares of Cytokinetics during the fourth quarter valued at approximately $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Cytokinetics during the fourth quarter valued at approximately $29,000. Quarry LP acquired a new position in shares of Cytokinetics during the third quarter worth $30,000. Finally, TD Waterhouse Canada Inc. purchased a new position in shares of Cytokinetics in the fourth quarter valued at $32,000.

Analyst Ratings Changes

A number of equities analysts have commented on CYTK shares. Morgan Stanley boosted their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Mizuho raised their target price on Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. Barclays lifted their target price on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Needham & Company LLC reiterated a “buy” rating and issued a $102.00 price target on shares of Cytokinetics in a research note on Wednesday, June 17th. Finally, JPMorgan Chase & Co. increased their price target on Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.90.

Cytokinetics Price Performance

NASDAQ CYTK opened at $78.39 on Thursday. Cytokinetics, Incorporated has a 12 month low of $32.89 and a 12 month high of $88.31. The company has a market capitalization of $9.75 billion, a price-to-earnings ratio of -11.46 and a beta of 0.42. The company’s fifty day moving average price is $78.70 and its two-hundred day moving average price is $70.21.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. Cytokinetics’s revenue for the quarter was up 1112.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.36) EPS. As a group, analysts anticipate that Cytokinetics, Incorporated will post -6.2 EPS for the current year.

Insider Buying and Selling

In other news, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the transaction, the director owned 15,784 shares in the company, valued at approximately $1,169,278.72. This trade represents a 24.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 Cytokinetics stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $65.00, for a total value of $1,030,705.00. Following the completion of the transaction, the executive vice president owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. The trade was a 21.31% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 120,536 shares of company stock worth $9,309,234. Corporate insiders own 2.60% of the company’s stock.

About Cytokinetics

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.