Bayforest Capital Ltd Raises Holdings in Cytokinetics, Incorporated $CYTK

Key Points

• Bayforest Capital Ltd significantly increased its holdings in Cytokinetics by 336.5% during the 1st quarter, acquiring a total of 7,372 shares worth approximately $296,000.
• CEO Robert I. Blum and Director Edward M. Md Kaye recently sold shares, with Blum selling 5,000 shares and Kaye selling 6,756 shares, indicating a 1.26% and 22.53% decrease in their ownership, respectively.
• Cytokinetics reported earnings of ($1.12) per share, surpassing estimates, with its revenue up an extraordinary 26,727.3% year-over-year, indicating strong financial performance.

Bayforest Capital Ltd grew its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 336.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,372 shares of the biopharmaceutical company's stock after purchasing an additional 5,683 shares during the quarter. Bayforest Capital Ltd's holdings in Cytokinetics were worth $296,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC boosted its stake in shares of Cytokinetics by 281.0% during the first 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 period. HighTower Advisors LLC boosted its stake in shares of Cytokinetics by 21.8% during the first quarter. HighTower Advisors LLC now owns 11,352 shares of the biopharmaceutical company's stock worth $456,000 after buying an additional 2,029 shares during the period. Cetera Investment Advisers boosted its stake in shares of Cytokinetics by 29.7% during the first quarter. Cetera Investment Advisers now owns 5,904 shares of the biopharmaceutical company's stock worth $237,000 after buying an additional 1,353 shares during the period. Two Sigma Advisers LP boosted its stake in shares of Cytokinetics by 5.4% during the fourth quarter. Two Sigma Advisers LP now owns 226,400 shares of the biopharmaceutical company's stock worth $10,650,000 after buying an additional 11,700 shares during the period. Finally, RFG Advisory LLC acquired a new stake in shares of Cytokinetics during the first quarter worth about $1,286,000.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $38.15, for a total value of $190,750.00. Following the completion of the transaction, the chief executive officer directly owned 393,108 shares of the company's stock, valued at approximately $14,997,070.20. This trade represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Edward M. Md Kaye sold 6,756 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $50.00, for a total transaction of $337,800.00. Following the completion of the transaction, the director directly owned 23,230 shares of the company's stock, valued at approximately $1,161,500. This trade represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,756 shares of company stock valued at $1,274,140. Corporate insiders own 2.70% of the company's stock.

Cytokinetics Stock Up 1.0%

NASDAQ CYTK opened at $52.00 on Thursday. The stock has a market capitalization of $6.22 billion, a P/E ratio of -10.20 and a beta of 0.62. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $59.39. The firm has a 50-day moving average price of $38.71 and a 200 day moving average price of $37.85.

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CYTK. Evercore ISI increased their target price on shares of Cytokinetics from $60.00 to $80.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 3rd. HC Wainwright reiterated a "buy" rating on shares of Cytokinetics in a research note on Tuesday, September 2nd. Needham & Company LLC reiterated a "buy" rating and set a $72.00 target price on shares of Cytokinetics in a research note on Tuesday, September 2nd. Citigroup increased their target price on shares of Cytokinetics from $77.00 to $84.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Finally, Wall Street Zen raised shares of Cytokinetics from a "strong sell" rating to a "hold" rating in a report on Sunday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Cytokinetics currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.38.

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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