Cutter Capital Management LP Buys Shares of 175,000 Cytokinetics, Incorporated $CYTK

Key Points

• Cutter Capital Management LP acquired a new stake in Cytokinetics, buying 175,000 shares valued at approximately $7.03 million, making it the fund's 17th largest investment.
• Several institutional investors, including Ameriprise Financial Inc. and Deep Track Capital LP, significantly increased their stakes in Cytokinetics during the fourth quarter of last year.
• Wall Street analysts are optimistic about Cytokinetics, with Barclays raising their price target from $53 to $71, while the stock maintains a consensus rating of "Moderate Buy" with an average price target of $75.38.

Cutter Capital Management LP purchased a new position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 175,000 shares of the biopharmaceutical company's stock, valued at approximately $7,033,000. Cytokinetics accounts for about 3.1% of Cutter Capital Management LP's investment portfolio, making the stock its 17th biggest holding. Cutter Capital Management LP owned 0.15% of Cytokinetics at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Fifth Third Bancorp increased its position in shares of Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after buying an additional 291 shares in the last quarter. Parallel Advisors LLC grew its stake in Cytokinetics by 500.5% in the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock valued at $44,000 after acquiring an additional 916 shares during the period. GAMMA Investing LLC increased its holdings in Cytokinetics by 281.0% in the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after acquiring an additional 826 shares in the last quarter. UMB Bank n.a. increased its holdings in Cytokinetics by 91.4% in the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock worth $46,000 after acquiring an additional 552 shares in the last quarter. Finally, Assetmark Inc. raised its position in Cytokinetics by 11,510.0% during the first quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock worth $47,000 after acquiring an additional 1,151 shares during the period.

Analyst Ratings Changes

Several brokerages have recently issued reports on CYTK. JMP Securities reiterated a "market outperform" rating and issued a $78.00 target price on shares of Cytokinetics in a research report on Tuesday, September 2nd. Raymond James Financial initiated coverage on shares of Cytokinetics in a research note on Wednesday, July 30th. They issued a "market perform" rating on the stock. Citigroup boosted their price objective on Cytokinetics from $77.00 to $84.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. JPMorgan Chase & Co. reduced their target price on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a report on Monday, June 9th. Finally, Evercore ISI lifted their price target on Cytokinetics from $60.00 to $80.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $75.38.

Cytokinetics Stock Performance

Shares of CYTK stock traded down $0.66 during trading hours on Tuesday, reaching $51.43. The company had a trading volume of 790,805 shares, compared to its average volume of 1,857,713. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $59.39. The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of -10.10 and a beta of 0.62. The stock has a fifty day moving average of $38.00 and a 200-day moving average of $37.66.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping analysts' consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to analysts' expectations of $1.95 million. The business's quarterly revenue was up 26727.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.31) EPS. On average, analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insider Transactions at Cytokinetics

In other news, Director Edward M. Md Kaye sold 6,756 shares of the business's 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 transaction, the director owned 23,230 shares of the company's stock, valued at approximately $1,161,500. The trade was a 22.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $38.15, for a total transaction of $190,750.00. Following the completion of the sale, the chief executive officer directly owned 393,108 shares of the company's stock, valued at $14,997,070.20. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,756 shares of company stock worth $1,171,560 in the last quarter. Company insiders own 3.40% 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.