HighVista Strategies LLC Increases Position in Cytokinetics, Incorporated $CYTK

HighVista Strategies LLC lifted its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 93.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 132,930 shares of the biopharmaceutical company’s stock after acquiring an additional 64,278 shares during the period. Cytokinetics accounts for 1.8% of HighVista Strategies LLC’s portfolio, making the stock its 11th largest position. HighVista Strategies LLC’s holdings in Cytokinetics were worth $7,306,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in CYTK. EverSource Wealth Advisors LLC grew its stake in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 673 shares during the last quarter. Johnson Financial Group Inc. acquired a new position in Cytokinetics during the 3rd quarter valued at approximately $40,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Cytokinetics in the third quarter worth $45,000. Fifth Third Bancorp raised its holdings in shares of Cytokinetics by 32.3% in the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after buying an additional 262 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in shares of 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 buying an additional 453 shares during the period.

Insider Activity

In related news, EVP Fady Ibraham Malik sold 2,907 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $60.72, for a total value of $176,513.04. Following the sale, the executive vice president directly owned 138,629 shares in the company, valued at approximately $8,417,552.88. The trade was a 2.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Wendell Wierenga sold 20,000 shares of the stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the transaction, the director directly owned 32,444 shares of the company’s stock, valued at approximately $2,145,846.16. This trade represents a 38.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 96,113 shares of company stock valued at $5,994,726. Company insiders own 3.40% of the company’s stock.

Cytokinetics Trading Up 0.1%

Cytokinetics stock opened at $60.06 on Monday. Cytokinetics, Incorporated has a 12 month low of $29.31 and a 12 month high of $70.98. The stock’s 50 day simple moving average is $63.92 and its two-hundred day simple moving average is $60.57. The firm has a market cap of $7.40 billion, a PE ratio of -9.20 and a beta of 0.56.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly 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 firm had revenue of $17.76 million during the quarter, compared to analysts’ expectations of $8.02 million. Cytokinetics’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.26) earnings per share. On average, equities research analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Barclays started coverage on shares of Cytokinetics in a report on Wednesday, January 28th. They set an “overweight” rating and a $87.00 price objective on the stock. Needham & Company LLC lifted their price target on Cytokinetics from $84.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Truist Financial increased their price objective on Cytokinetics from $84.00 to $92.00 and gave the company a “buy” rating in a report on Tuesday, February 3rd. Leerink Partners reaffirmed an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Finally, Citizens Jmp increased their price target on shares of Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 25th. Seventeen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $89.00.

Cytokinetics 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.