CM Management LLC Purchases Shares of 40,000 Cytokinetics, Incorporated (NASDAQ:CYTK)

Key Points

• CM Management LLC has invested approximately $1.6 million in Cytokinetics, acquiring 40,000 shares, making it the firm's 29th largest holding.
• Several institutional investors increased their stakes in Cytokinetics significantly, including Parallel Advisors LLC, which grew its holding by over 500%.
• Equity analysts have mixed views on Cytokinetics, with target prices ranging from $53 to $120, reflecting varying levels of optimism about the stock's future performance.

CM Management LLC acquired a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 40,000 shares of the biopharmaceutical company's stock, valued at approximately $1,608,000. Cytokinetics accounts for 1.6% of CM Management LLC's investment portfolio, making the stock its 29th biggest holding.

A number of other institutional investors also recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. grew its stake in Cytokinetics by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company's stock valued at $505,780,000 after buying an additional 1,062,136 shares in the last quarter. Deep Track Capital LP boosted its stake in Cytokinetics by 296.9% in the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock worth $117,600,000 after buying an additional 1,870,094 shares in the last quarter. Vestal Point Capital LP boosted its position in Cytokinetics by 56.7% during the fourth quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company's stock valued at $110,544,000 after buying an additional 850,000 shares during the period. Marshall Wace LLP boosted its stake in shares of Cytokinetics by 14.9% during the fourth quarter. Marshall Wace LLP now owns 2,153,313 shares of the biopharmaceutical company's stock valued at $101,292,000 after purchasing an additional 279,612 shares during the period. Finally, Orbimed Advisors LLC boosted its holdings in shares of Cytokinetics by 106.5% during the fourth quarter. Orbimed Advisors LLC now owns 1,584,005 shares of the biopharmaceutical company's stock worth $74,512,000 after purchasing an additional 817,099 shares during the period.

Analyst Ratings Changes

A number of research analysts have recently commented on CYTK shares. JPMorgan Chase & Co. lowered their target price on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a research note on Monday, June 9th. Cantor Fitzgerald upgraded Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. Citigroup reduced their price objective on shares of Cytokinetics from $80.00 to $77.00 and set a "buy" rating for the company in a research note on Friday. Mizuho cut their price objective on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a research report on Thursday, May 29th. Finally, Bank of America dropped their price target on shares of Cytokinetics from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $70.69.

Cytokinetics Trading Down 3.2%

CYTK traded down $1.14 during trading on Friday, hitting $34.11. 2,104,845 shares of the company's stock were exchanged, compared to its average volume of 1,250,101. Cytokinetics, Incorporated has a 1 year low of $29.31 and a 1 year high of $59.39. The stock has a 50 day moving average price of $34.88 and a 200 day moving average price of $38.70. The firm has a market cap of $4.07 billion, a P/E ratio of -6.69 and a beta of 0.64.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, beating analysts' consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to analyst estimates of $1.95 million. Cytokinetics's 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) EPS. Analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In other news, Director Edward M. Md Kaye sold 3,636 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $32.10, for a total value of $116,715.60. Following the sale, the director owned 29,658 shares in the company, valued at approximately $952,021.80. The trade was a 10.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 sale, the executive vice president owned 52,028 shares in the company, valued at $1,666,977.12. The trade was a 14.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,749 shares of company stock valued at $1,350,617. Insiders own 2.70% of the company's stock.

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.