Knott David M Jr Sells 10,356 Shares of Cytokinetics, Incorporated $CYTK

Knott David M Jr trimmed its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 30.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 23,644 shares of the biopharmaceutical company’s stock after selling 10,356 shares during the quarter. Cytokinetics comprises about 0.9% of Knott David M Jr’s holdings, making the stock its 25th biggest holding. Knott David M Jr’s holdings in Cytokinetics were worth $1,558,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CYTK. EverSource Wealth Advisors LLC raised its holdings in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 673 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Cytokinetics during the fourth quarter valued at approximately $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Cytokinetics during the fourth quarter valued at approximately $29,000. Quarry LP bought a new stake in shares of Cytokinetics during the third quarter valued at approximately $30,000. Finally, Advisory Services Network LLC bought a new stake in shares of Cytokinetics during the third quarter valued at approximately $32,000.

Cytokinetics Trading Down 0.3%

Shares of CYTK stock opened at $81.92 on Friday. Cytokinetics, Incorporated has a 12-month low of $32.89 and a 12-month high of $88.31. The firm’s 50 day moving average is $78.44 and its 200 day moving average is $69.76. The stock has a market capitalization of $10.19 billion, a P/E ratio of -11.98 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. Cytokinetics’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.36) earnings per share. As a group, equities analysts predict that Cytokinetics, Incorporated will post -6.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CYTK. Morgan Stanley upped their price objective on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada reduced their target price on Cytokinetics from $119.00 to $117.00 and set an “outperform” rating for the company in a report on Tuesday, July 7th. Citigroup began coverage on Cytokinetics in a research note on Monday, May 18th. They issued a “buy” rating and a $99.00 price target for the company. HC Wainwright upped their price target on Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a report on Monday, May 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $102.00 price objective on shares of Cytokinetics in a research report on Wednesday, June 17th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus target price of $99.90.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $86.62, for a total value of $303,170.00. Following the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $13,330,991.24. This represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sung Lee sold 1,112 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $87.79, for a total value of $97,622.48. Following the completion of the transaction, the executive vice president directly owned 63,221 shares in the company, valued at $5,550,171.59. The trade was a 1.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 132,036 shares of company stock valued at $9,816,694 over the last ninety days. 2.60% of the stock is owned by insiders.

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.