ACT Capital Management LLC Makes New Investment in Cytokinetics, Incorporated $CYTK

Key Points

• ACT Capital Management opened a new position in Cytokinetics in the fourth quarter, buying 64,500 shares valued at about $4.1 million. The stake represented roughly 3.3% of ACT’s portfolio and made CYTK its 12th largest holding.
• Several other large institutional investors also increased their stakes, including Vanguard, State Street, and Geode Capital, signaling continued hedge fund and asset manager interest in the biotech name.
• Insiders have been selling shares recently, including EVP Fady Ibraham Malik and Director B Lynne Parshall, while the stock was trading near its 52-week high at $78.11 after a 3.9% gain. Cytokinetics also reported revenue that beat expectations in its latest quarter, and analysts currently rate the stock a Moderate Buy with an average target price of $99.30.

ACT Capital Management LLC acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 64,500 shares of the biopharmaceutical company's stock, valued at approximately $4,098,000. Cytokinetics makes up approximately 3.3% of ACT Capital Management LLC's investment portfolio, making the stock its 12th largest holding. ACT Capital Management LLC owned 0.05% of Cytokinetics at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Cytokinetics by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company's stock valued at $765,538,000 after acquiring an additional 191,336 shares in the last quarter. State Street Corp grew its holdings in shares of Cytokinetics by 3.7% during the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company's stock valued at $370,139,000 after acquiring an additional 207,961 shares in the last quarter. Deep Track Capital LP grew its holdings in shares of Cytokinetics by 17.8% during the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock valued at $236,328,000 after acquiring an additional 650,000 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Cytokinetics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company's stock valued at $194,214,000 after acquiring an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP grew its holdings in shares of Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company's stock valued at $98,294,000 after acquiring an additional 384,469 shares in the last quarter.

Insider Activity

In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $67.98, for a total transaction of $237,930.00. Following the sale, the executive vice president directly owned 153,902 shares of the company's stock, valued at approximately $10,462,257.96. This represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the company's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $74.08, for a total transaction of $370,400.00. Following the sale, the director directly owned 15,784 shares in the company, valued at $1,169,278.72. This represents a 24.06% 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 three months, insiders sold 113,739 shares of company stock valued at $7,837,220. Corporate insiders own 2.60% of the company's stock.

Cytokinetics Stock Up 3.9%

NASDAQ CYTK opened at $78.11 on Thursday. The stock has a market cap of $9.72 billion, a P/E ratio of -11.42 and a beta of 0.42. The company's 50-day simple moving average is $70.93 and its 200 day simple moving average is $66.20. Cytokinetics, Incorporated has a twelve month low of $31.99 and a twelve month high of $80.20.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $8.52 million. Cytokinetics's quarterly revenue was up 1112.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.36) earnings per share. Research analysts anticipate that Cytokinetics, Incorporated will post -6.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Cytokinetics in a report on Monday, April 20th. Stifel Nicolaus lifted their price objective on shares of Cytokinetics from $98.00 to $108.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Truist Financial set a $106.00 price objective on shares of Cytokinetics in a research note on Tuesday, May 5th. HC Wainwright lifted their price objective on shares of Cytokinetics from $136.00 to $140.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Finally, Barclays boosted their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an "overweight" rating in a research report on Monday, April 6th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $99.30.

Cytokinetics Company 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.

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