ExodusPoint Capital Management LP Acquires New Position in Cytokinetics, Incorporated $CYTK

ExodusPoint Capital Management LP acquired a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 343,144 shares of the biopharmaceutical company’s stock, valued at approximately $21,803,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CYTK. Woodline Partners LP raised its position in Cytokinetics by 676.1% during the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock worth $90,559,000 after acquiring an additional 1,435,422 shares during the last quarter. Norges Bank acquired a new position in Cytokinetics during the fourth quarter worth about $51,281,000. Deep Track Capital LP raised its position in Cytokinetics by 17.8% during the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after acquiring an additional 650,000 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Cytokinetics by 151,987.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock worth $35,949,000 after acquiring an additional 565,393 shares during the last quarter. Finally, Foresite Capital Management IV LLC acquired a new position in Cytokinetics during the third quarter worth about $25,188,000.

Insider Activity

In other news, CEO Robert I. Blum sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $59.62, for a total value of $447,150.00. Following the completion of the transaction, the chief executive officer owned 407,830 shares of the company’s stock, valued at $24,314,824.60. The trade was a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $74.08, for a total transaction of $370,400.00. Following the completion of the sale, the director owned 15,784 shares of the company’s stock, valued at approximately $1,169,278.72. The trade was a 24.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 113,739 shares of company stock valued at $7,837,220 over the last 90 days. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Robert W. Baird set a $84.00 target price on shares of Cytokinetics in a research report on Tuesday, March 10th. Stifel Nicolaus lifted their target price on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Truist Financial set a $106.00 target price on shares of Cytokinetics in a research report on Tuesday, May 5th. Finally, Barclays lifted their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and an average price target of $99.30.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $75.21 on Wednesday. The firm has a 50 day simple moving average of $70.67 and a 200-day simple moving average of $66.13. The firm has a market cap of $9.36 billion, a PE ratio of -11.00 and a beta of 0.42. Cytokinetics, Incorporated has a 1-year low of $31.99 and a 1-year high of $80.20.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. The business’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.36) EPS. As a group, sell-side analysts expect that Cytokinetics, Incorporated will post -6.29 earnings per share for the current fiscal year.

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.