Calamos Advisors LLC Purchases New Shares in Cytokinetics, Incorporated $CYTK

Key Points

• Calamos Advisors LLC opened a new position in Cytokinetics during the first quarter, buying 21,627 shares valued at about $1.425 million.
• Cytokinetics reported better-than-expected revenue for the quarter, with $19.36 million in sales versus $8.52 million expected, while EPS came in at ($1.67), matching estimates.
• Analyst sentiment remains constructive, with multiple firms maintaining or raising price targets and the stock carrying a Moderate Buy consensus target of $99.90.

Calamos Advisors LLC purchased a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 21,627 shares of the biopharmaceutical company's stock, valued at approximately $1,425,000.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company's stock valued at $765,538,000 after purchasing an additional 191,336 shares in the last quarter. State Street Corp grew its position in shares of Cytokinetics by 3.7% during the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company's stock worth $370,139,000 after acquiring an additional 207,961 shares during the last quarter. Deep Track Capital LP lifted its position in Cytokinetics by 17.8% in 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 purchasing an additional 650,000 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Cytokinetics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company's stock valued at $194,214,000 after purchasing an additional 15,815 shares during the period. Finally, Vestal Point Capital LP raised its stake in 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.

Cytokinetics Stock Down 2.7%

Shares of NASDAQ CYTK opened at $80.36 on Friday. Cytokinetics, Incorporated has a 12 month low of $32.89 and a 12 month high of $88.31. The business's 50 day moving average is $77.99 and its two-hundred day moving average is $69.10. The company has a market cap of $10.00 billion, a P/E ratio of -11.75 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting analysts' consensus estimates of ($1.67). The company had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same period last year, the company earned ($1.36) earnings per share. Cytokinetics's revenue for the quarter was up 1112.5% on a year-over-year basis. Sell-side analysts expect that Cytokinetics, Incorporated will post -6.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on CYTK shares. Truist Financial set a $106.00 price objective on shares of Cytokinetics in a research note on Tuesday, May 5th. Needham & Company LLC reaffirmed a "buy" rating and set a $102.00 target price on shares of Cytokinetics in a research report on Wednesday, June 17th. Wall Street Zen upgraded Cytokinetics from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Wells Fargo & Company boosted their price target on shares of Cytokinetics from $95.00 to $105.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Finally, Royal Bank Of Canada lowered their target price on Cytokinetics from $119.00 to $117.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cytokinetics currently has a consensus rating of "Moderate Buy" and an average target price of $99.90.

Insiders Place Their Bets

In related news, CEO Robert I. Blum sold 7,500 shares of the firm's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $77.21, for a total value of $579,075.00. Following the completion of the transaction, the chief executive officer directly owned 392,830 shares of the company's stock, valued at $30,330,404.30. This trade represents a 1.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the firm's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the transaction, the executive vice president directly owned 58,555 shares of the company's stock, valued at $3,806,075. The trade was a 21.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 135,536 shares of company stock valued at $10,046,609 over the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

Cytokinetics 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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