Creek Drive Management Group LLC Acquires New Stake in Cytokinetics, Incorporated $CYTK

Creek Drive Management Group LLC acquired a new stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 10,000 shares of the biopharmaceutical company’s stock, valued at approximately $635,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can boosted its stake in Cytokinetics by 1.2% during the 4th quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock valued at $845,000 after purchasing an additional 160 shares in the last quarter. Kennedy Capital Management LLC raised its stake in shares of Cytokinetics by 1.2% in the 4th quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock worth $838,000 after buying an additional 162 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cytokinetics by 46.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after buying an additional 171 shares in the last quarter. Vident Advisory LLC lifted its holdings in shares of Cytokinetics by 1.4% in the fourth quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock valued at $1,046,000 after buying an additional 234 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Cytokinetics by 6.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,723 shares of the biopharmaceutical company’s stock valued at $237,000 after buying an additional 239 shares during the period.

Insider Activity

In other news, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the transaction, the director directly owned 15,784 shares of the company’s stock, valued at approximately $1,169,278.72. This represents a 24.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the company’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $59.62, for a total transaction of $447,150.00. Following the completion of the transaction, the chief executive officer directly owned 407,830 shares in the company, valued at $24,314,824.60. This trade represents a 1.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 113,739 shares of company stock worth $7,837,220 in the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Cytokinetics Stock Performance

Shares of CYTK opened at $78.78 on Friday. The company’s 50 day moving average price is $71.45 and its 200 day moving average price is $66.36. Cytokinetics, Incorporated has a 52 week low of $31.99 and a 52 week high of $80.20. The company has a market capitalization of $9.80 billion, a PE ratio of -11.52 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. During the same quarter in the prior year, the company posted ($1.36) EPS. The firm’s quarterly revenue was up 1112.5% compared to the same quarter last year. On average, equities analysts forecast that Cytokinetics, Incorporated will post -6.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CYTK has been the topic of a number of research analyst reports. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Leerink Partners reissued an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Citigroup began coverage on shares of Cytokinetics in a research report on Monday, May 18th. They set a “buy” rating and a $99.00 price objective for the company. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $119.00 target price on shares of Cytokinetics in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $99.30.

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.