Knott David M Jr Takes $1.65 Million Position in Cytokinetics, Incorporated $CYTK

Knott David M Jr acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 30,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,649,000. Cytokinetics makes up about 0.7% of Knott David M Jr’s holdings, making the stock its 25th largest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CYTK. Lisanti Capital Growth LLC acquired a new stake in shares of Cytokinetics during the 3rd quarter valued at approximately $2,697,000. Sanders Morris Harris LLC acquired a new stake in shares of Cytokinetics in the 3rd quarter worth approximately $1,182,000. Y Intercept Hong Kong Ltd purchased a new position in Cytokinetics in the 3rd quarter valued at approximately $1,359,000. Moody Aldrich Partners LLC acquired a new position in Cytokinetics during the third quarter worth $4,532,000. Finally, Norges Bank acquired a new position in Cytokinetics during the second quarter worth $39,122,000.

Cytokinetics Trading Down 2.9%

Cytokinetics stock opened at $60.41 on Friday. The stock has a 50-day moving average price of $63.95 and a 200 day moving average price of $59.41. Cytokinetics, Incorporated has a 52 week low of $29.31 and a 52 week high of $70.98. The stock has a market cap of $7.44 billion, a PE ratio of -9.25 and a beta of 0.56.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The business had revenue of $17.76 million for the quarter, compared to the consensus estimate of $8.02 million. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted ($1.26) EPS. On average, equities analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Analyst Ratings Changes

CYTK has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on Cytokinetics from $70.00 to $74.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Royal Bank Of Canada boosted their price objective on shares of Cytokinetics from $95.00 to $101.00 and gave the stock an “outperform” rating in a research report on Friday, February 20th. Needham & Company LLC raised their target price on shares of Cytokinetics from $84.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Bank of America reiterated a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Finally, Morgan Stanley set a $90.00 price objective on shares of Cytokinetics in a research note on Thursday, January 8th. Seventeen 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $89.28.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 2,200 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $61.24, for a total transaction of $134,728.00. Following the sale, the executive vice president owned 138,552 shares in the company, valued at $8,484,924.48. This trade represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Andrew Callos sold 26,000 shares of Cytokinetics stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $61.87, for a total value of $1,608,620.00. Following the completion of the sale, the executive vice president directly owned 50,440 shares of the company’s stock, valued at approximately $3,120,722.80. This represents a 34.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 83,735 shares of company stock worth $5,248,594. 2.70% of the stock is owned by insiders.

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.