Carlson Capital L.P. Decreases Holdings in Cytokinetics, Incorporated $CYTK

Carlson Capital L.P. trimmed its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 42.3% in the first quarter, HoldingsChannel reports. The fund owned 9,000 shares of the biopharmaceutical company’s stock after selling 6,600 shares during the period. Carlson Capital L.P.’s holdings in Cytokinetics were worth $593,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Millennium Management LLC lifted its stake in Cytokinetics by 361.9% in the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after purchasing an additional 225,576 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Cytokinetics by 12.4% during the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock valued at $219,000 after buying an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 673 shares during the last quarter. Gabelli Funds LLC grew its stake in shares of Cytokinetics by 29.4% during the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock valued at $278,000 after buying an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System increased its holdings in shares of Cytokinetics by 10.8% in the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock worth $4,712,000 after buying an additional 13,911 shares during the period.

Insider Buying and Selling at Cytokinetics

In other news, EVP Sung Lee sold 1,112 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total value of $97,622.48. Following the sale, the executive vice president directly owned 63,221 shares of the company’s stock, valued at $5,550,171.59. This represents a 1.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 14,000 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $79.88, for a total transaction of $1,118,320.00. Following the completion of the transaction, the executive vice president owned 58,555 shares of the company’s stock, valued at approximately $4,677,373.40. The trade was a 19.30% 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. In the last quarter, insiders have sold 118,679 shares of company stock worth $9,396,849. Corporate insiders own 2.60% of the company’s stock.

Key Cytokinetics News

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: UK approval and reimbursement support: The Medicines and Healthcare products Regulatory Agency authorized MYQORZO® (aficamten) across the United Kingdom for eligible adults with symptomatic obstructive hypertrophic cardiomyopathy. NICE also recommended aficamten for use in England and Wales, potentially expanding access to roughly 6,600 NHS patients. Commercial availability is expected later this year, creating a potential new revenue stream. Cytokinetics wins UK approval, NICE backing for heart disease drug
• Positive Sentiment: Encouraging clinical evidence: The UK decisions were supported by the phase 3 SEQUOIA-HCM trial, in which aficamten significantly improved peak oxygen uptake versus placebo. This strengthens the commercial case for the company’s lead cardiovascular drug. Cytokinetics announces MHRA authorization and NICE guidance
• Positive Sentiment: Generally favorable analyst view: Brokerages maintain a consensus “Moderate Buy” rating, with a reported average price target near $99.90, above recent trading levels. Some firms have set targets between $105 and $118. Cytokinetics receives Moderate Buy consensus rating
• Neutral Sentiment: Upcoming earnings catalyst: Analysts expect CYTK could exceed estimates in its upcoming second-quarter report. However, Cytokinetics remains unprofitable, and its prior quarter reported a loss of $1.67 per share despite revenue exceeding expectations. Cytokinetics earnings expectations
• Negative Sentiment: Continued insider selling: EVP Andrew Callos sold 14,000 shares worth approximately $1.12 million, reducing his ownership by 19.3%. The sale was made under a pre-arranged Rule 10b5-1 plan, limiting its value as a discretionary bearish signal, but it follows a broader pattern of insider sales without reported purchases in recent months. SEC insider trading filing

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CYTK. Needham & Company LLC reissued a “buy” rating and issued a $102.00 target price on shares of Cytokinetics in a research note on Wednesday, June 17th. Barclays raised their price target on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Stifel Nicolaus lifted their price target on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Citigroup started coverage on Cytokinetics in a research report on Monday, May 18th. They issued a “buy” rating and a $99.00 price objective for the company. Finally, Mizuho increased their price objective on Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $99.90.

Cytokinetics Stock Down 4.1%

CYTK opened at $77.13 on Friday. Cytokinetics, Incorporated has a 52 week low of $32.89 and a 52 week high of $88.31. The stock has a market cap of $9.60 billion, a PE ratio of -11.28 and a beta of 0.42. The business has a 50 day moving average of $78.75 and a 200-day moving average of $70.39.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting the consensus estimate of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. Cytokinetics’s revenue for the quarter was up 1112.5% on a year-over-year basis. During the same period in the previous year, the company earned ($1.36) earnings per share. Equities analysts anticipate that Cytokinetics, Incorporated will post -6.2 EPS for the current year.

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.