Legato Capital Management LLC Takes Position in Cytokinetics, Incorporated $CYTK

Legato Capital Management LLC acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 17,603 shares of the biopharmaceutical company’s stock, valued at approximately $967,000.

Several other hedge funds have also bought and sold shares of CYTK. UMB Bank n.a. increased its position in Cytokinetics by 10.6% during 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 during the last quarter. Fifth Third Bancorp increased its holdings in shares of Cytokinetics by 32.3% during the 3rd quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after acquiring an additional 262 shares during the last quarter. Teacher Retirement System of Texas raised its stake in Cytokinetics by 1.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company’s stock valued at $1,008,000 after acquiring an additional 341 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Cytokinetics by 1.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 28,119 shares of the biopharmaceutical company’s stock valued at $929,000 after purchasing an additional 449 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Cytokinetics by 68.4% during the third quarter. Farther Finance Advisors LLC now owns 1,115 shares of the biopharmaceutical company’s stock worth $61,000 after purchasing an additional 453 shares during the period.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CYTK. Bank of America restated a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. UBS Group reissued a “neutral” rating and issued a $61.00 price target on shares of Cytokinetics in a report on Monday, December 1st. HC Wainwright boosted their price objective on Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $90.00 target price on shares of Cytokinetics in a research report on Friday, January 9th. Finally, Truist Financial lifted their price target on Cytokinetics from $84.00 to $92.00 and gave the stock a “buy” rating in a report on Tuesday, February 3rd. Seventeen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Cytokinetics presently has a consensus rating of “Moderate Buy” and an average target price of $88.83.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 2,200 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $61.24, for a total value of $134,728.00. Following the completion of the transaction, the executive vice president directly owned 138,552 shares in the company, valued at approximately $8,484,924.48. The trade was a 1.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Andrew Callos sold 15,000 shares of the stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $61.93, for a total transaction of $928,950.00. Following the sale, the executive vice president owned 50,440 shares in the company, valued at $3,123,749.20. This represents a 22.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 110,221 shares of company stock valued at $7,101,425 over the last quarter. 3.40% of the stock is owned by company insiders.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $60.72 on Wednesday. The business’s 50 day simple moving average is $64.07 and its 200 day simple moving average is $59.22. Cytokinetics, Incorporated has a 1 year low of $29.31 and a 1 year high of $70.98. The company has a market capitalization of $7.48 billion, a P/E ratio of -9.30 and a beta of 0.56.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The business had revenue of $17.76 million during the quarter, compared to analysts’ expectations of $8.02 million. Cytokinetics’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company earned ($1.26) earnings per share. On average, sell-side analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS 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.