Granahan Investment Management LLC Purchases Shares of 53,550 Cytokinetics, Incorporated $CYTK

Granahan Investment Management LLC purchased a new stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 53,550 shares of the biopharmaceutical company’s stock, valued at approximately $2,943,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CYTK. Norges Bank bought a new stake in Cytokinetics during the second quarter valued at approximately $39,122,000. Deep Track Capital LP increased its holdings in shares of Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after buying an additional 650,000 shares during the last quarter. Frazier Life Sciences Management L.P. bought a new position in shares of Cytokinetics in the 2nd quarter worth $18,328,000. Foresite Capital Management IV LLC purchased a new stake in shares of Cytokinetics during the 3rd quarter valued at $25,188,000. Finally, Rosalind Advisors Inc. purchased a new stake in shares of Cytokinetics during the 2nd quarter valued at $13,216,000.

Analysts Set New Price Targets

Several brokerages recently issued reports on CYTK. Leerink Partners reiterated an “outperform” rating on shares of Cytokinetics in a research report on Tuesday, March 10th. HC Wainwright raised their price target on Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. Bank of America reiterated a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. B. Riley Financial boosted their target price on Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Finally, JPMorgan Chase & Co. upped their target price on Cytokinetics from $70.00 to $74.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 20th. 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 stock. According to MarketBeat, Cytokinetics presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.00.

Insider Buying and Selling

In other news, CEO Robert I. Blum sold 7,931 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $60.72, for a total value of $481,570.32. Following the transaction, the chief executive officer owned 391,673 shares in the company, valued at approximately $23,782,384.56. This trade represents a 1.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Wendell Wierenga sold 20,000 shares of Cytokinetics stock in a transaction on 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 completion of the transaction, the director directly owned 32,444 shares in the company, valued at approximately $2,145,846.16. The trade was a 38.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 95,622 shares of company stock valued at $5,964,298 over the last quarter. Company insiders own 3.40% of the company’s stock.

Cytokinetics Trading Up 1.3%

Shares of NASDAQ:CYTK opened at $60.83 on Tuesday. The stock has a market capitalization of $7.49 billion, a P/E ratio of -9.32 and a beta of 0.56. The stock’s 50-day moving average price is $63.91 and its 200-day moving average price is $60.74. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $70.98.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share 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 the consensus estimate of $8.02 million. The company’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.26) earnings per share. As a group, research analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Cytokinetics Company 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.