Boxer Capital Management LLC Acquires New Shares in Cytokinetics, Incorporated $CYTK

Key Points

• Boxer Capital Management acquired 200,000 shares of Cytokinetics in Q3 (~$10.99M), making the position its 10th largest holding and representing about 0.16% ownership of the company.
• Insiders have been net sellers: CEO Robert I. Blum sold 7,931 shares and a director sold 20,000 shares, with insiders disposing of 96,113 shares (~$5.99M) in the last quarter and now owning 2.7% of the stock.
• Analyst sentiment is broadly favorable: 17 analysts rate Cytokinetics a Buy (vs. 3 Holds and 1 Sell) with an average price target of $89 and a MarketBeat consensus of "Moderate Buy".

Boxer Capital Management LLC acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 200,000 shares of the biopharmaceutical company's stock, valued at approximately $10,992,000. Cytokinetics comprises approximately 3.5% of Boxer Capital Management LLC's portfolio, making the stock its 10th largest holding. Boxer Capital Management LLC owned about 0.16% of Cytokinetics at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Millennium Management LLC raised its position in Cytokinetics by 361.9% in the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock valued at $11,571,000 after purchasing an additional 225,576 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Cytokinetics by 21.2% during the second quarter. Envestnet Asset Management Inc. now owns 29,467 shares of the biopharmaceutical company's stock worth $974,000 after purchasing an additional 5,146 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Cytokinetics by 1.9% in the second quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company's stock valued at $98,948,000 after buying an additional 56,961 shares during the period. Police & Firemen s Retirement System of New Jersey increased its stake in shares of Cytokinetics by 5.3% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 26,231 shares of the biopharmaceutical company's stock valued at $867,000 after buying an additional 1,320 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Cytokinetics by 8.8% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 30,684 shares of the biopharmaceutical company's stock valued at $1,014,000 after buying an additional 2,474 shares during the last quarter.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 7,931 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $60.72, for a total transaction of $481,570.32. Following the completion of the sale, the chief executive officer owned 391,673 shares of the company's stock, valued at $23,782,384.56. This trade represents a 1.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Wendell Wierenga sold 20,000 shares of Cytokinetics stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the completion of the sale, the director owned 32,444 shares of the company's stock, valued at $2,145,846.16. This represents a 38.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 96,113 shares of company stock worth $5,994,726 in the last quarter. 2.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on CYTK shares. Royal Bank Of Canada boosted their target price on shares of Cytokinetics from $95.00 to $101.00 and gave the stock an "outperform" rating in a report on Friday, February 20th. Needham & Company LLC raised their price target on shares of Cytokinetics from $84.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday, February 25th. Citigroup reiterated a "market outperform" rating on shares of Cytokinetics in a report on Monday, December 22nd. Citizens Jmp boosted their price objective on shares of Cytokinetics from $88.00 to $96.00 and gave the stock a "market outperform" rating in a research note on Wednesday, February 25th. Finally, Truist Financial increased their price objective on Cytokinetics from $84.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday, February 3rd. Seventeen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Cytokinetics currently has an average rating of "Moderate Buy" and an average price target of $89.00.

Cytokinetics Stock Up 0.1%

Shares of NASDAQ CYTK opened at $60.06 on Friday. The company has a market capitalization of $7.40 billion, a PE ratio of -9.20 and a beta of 0.56. Cytokinetics, Incorporated has a twelve month low of $29.31 and a twelve month high of $70.98. The firm has a fifty day simple moving average of $63.92 and a 200 day simple moving average of $60.41.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing analysts' consensus estimates of ($1.48) by ($0.02). The business had revenue of $17.76 million for the quarter, compared to analyst estimates of $8.02 million. During the same quarter in the prior year, the business earned ($1.26) earnings per share. The company's revenue was up 4.9% on a year-over-year basis. As a group, equities analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

About Cytokinetics

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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