52,321 Shares in Cytokinetics, Incorporated $CYTK Purchased by Cinctive Capital Management LP

Key Points

• Cinctive Capital Management LP acquired 52,321 shares of Cytokinetics, valued at approximately $2.1 million, indicating institutional interest in the biopharmaceutical company.
• Several brokerages have increased their target prices for Cytokinetics, with Barclays setting it to $71 and Citigroup to $84, showcasing positive sentiment in the market.
• Cytokinetics reported a significant revenue increase of 26727.3% year-over-year, earning $66.77 million during the last quarter, which surpassed analysts' expectations.

Cinctive Capital Management LP acquired a new position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 52,321 shares of the biopharmaceutical company's stock, valued at approximately $2,103,000.

Several other hedge funds have also recently made changes to their positions in CYTK. Fifth Third Bancorp grew its stake in shares of Cytokinetics by 42.2% in the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after buying an additional 291 shares during the period. Parallel Advisors LLC boosted its stake in shares of Cytokinetics by 500.5% in the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock worth $44,000 after buying an additional 916 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Cytokinetics by 281.0% in the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after buying an additional 826 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Cytokinetics by 91.4% in the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock worth $46,000 after buying an additional 552 shares during the last quarter. Finally, Assetmark Inc. boosted its stake in shares of Cytokinetics by 11,510.0% in the 1st quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock worth $47,000 after buying an additional 1,151 shares during the last quarter.

Cytokinetics Trading Down 1.5%

CYTK stock traded down $0.76 on Wednesday, hitting $50.75. The company had a trading volume of 486,030 shares, compared to its average volume of 1,856,273. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $59.39. The stock's 50-day simple moving average is $38.36 and its 200 day simple moving average is $37.76. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of -9.95 and a beta of 0.62.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.22. The business had revenue of $66.77 million during the quarter, compared to the consensus estimate of $1.95 million. The firm's revenue was up 26727.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.31) earnings per share. Research analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CYTK shares. Raymond James Financial started coverage on shares of Cytokinetics in a report on Wednesday, July 30th. They issued a "market perform" rating on the stock. HC Wainwright reiterated a "buy" rating on shares of Cytokinetics in a research report on Tuesday, September 2nd. Cantor Fitzgerald upgraded shares of Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. Barclays upped their price target on shares of Cytokinetics from $53.00 to $71.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. Finally, Evercore ISI upped their price objective on shares of Cytokinetics from $60.00 to $80.00 and gave the company an "outperform" rating in a research note on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.38.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $36.45, for a total value of $182,250.00. Following the sale, the chief executive officer directly owned 388,108 shares in the company, valued at approximately $14,146,536.60. The trade was a 1.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $38.31, for a total transaction of $76,620.00. Following the completion of the sale, the executive vice president owned 140,610 shares in the company, valued at approximately $5,386,769.10. This represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,756 shares of company stock worth $1,171,560. Insiders own 3.40% of the company's stock.

Cytokinetics Company Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.