7,500 Shares in Cytokinetics, Incorporated $CYTK Purchased by Carlson Capital L.P.

Key Points

• Carlson Capital L.P. acquired 7,500 shares of Cytokinetics, Incorporated, valued at approximately $301,000, during the first quarter, indicating growing institutional interest in the biopharmaceutical company's stock.
• Cytokinetics recently reported earnings of ($1.12) per share, surpassing analysts' expectations, and marked a remarkable revenue increase of 26727.3% compared to the same quarter last year.
• Analysts maintain a generally positive outlook for Cytokinetics with a consensus price target of $71.58, as multiple firms adjusted their ratings and price objectives in recent months.

Carlson Capital L.P. purchased a new position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 7,500 shares of the biopharmaceutical company's stock, valued at approximately $301,000.

A number of other hedge funds also recently bought and sold shares of the company. Fifth Third Bancorp raised its position in Cytokinetics by 42.2% in the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after buying an additional 291 shares during the last quarter. Parallel Advisors LLC raised its position in 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 raised its position in 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. increased its position in shares of Cytokinetics by 91.4% during the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock valued at $46,000 after purchasing an additional 552 shares during the last quarter. Finally, Assetmark Inc. increased its position in shares of Cytokinetics by 11,510.0% during the 1st quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock valued at $47,000 after purchasing an additional 1,151 shares during the last quarter.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $38.19 on Wednesday. The company has a market capitalization of $4.57 billion, a P/E ratio of -7.49 and a beta of 0.64. The stock has a 50 day moving average price of $35.94 and a 200-day moving average price of $37.76. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $59.39.

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

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $36.45, for a total value of $182,250.00. Following the sale, the chief executive officer owned 388,108 shares in the company, valued at $14,146,536.60. This trade represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Andrew Callos sold 8,659 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $32.04, for a total value of $277,434.36. Following the completion of the sale, the executive vice president owned 52,028 shares in the company, valued at approximately $1,666,977.12. The trade was a 14.27% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 40,295 shares of company stock worth $1,384,010. 3.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Cantor Fitzgerald raised shares of Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. Barclays cut their price objective on Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. JPMorgan Chase & Co. cut their price objective on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a research note on Monday, June 9th. Mizuho cut their price objective on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. Finally, Citigroup cut their price objective on Cytokinetics from $80.00 to $77.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $71.58.

Cytokinetics 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.

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