Cytokinetics, Incorporated $CYTK Holdings Boosted by Vestal Point Capital LP

Key Points

• Vestal Point Capital LP increased its stake in Cytokinetics by 10.2%, making it the second largest holding in its portfolio, with a total of 2,590,531 shares valued at approximately $104.1 million.
• Cytokinetics reported a significant quarterly revenue increase of 26,727.3% year-over-year, reaching $66.77 million, while beating earnings per share estimates by $0.22.
• Analysts have a consensus rating of "Moderate Buy" on Cytokinetics, with a price target averaging around $71.58, reflecting positive sentiment among investment firms.

Vestal Point Capital LP raised its stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 10.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,590,531 shares of the biopharmaceutical company's stock after acquiring an additional 240,531 shares during the period. Cytokinetics makes up 7.4% of Vestal Point Capital LP's portfolio, making the stock its 2nd largest holding. Vestal Point Capital LP owned approximately 2.17% of Cytokinetics worth $104,113,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new stake in shares of Cytokinetics in the 4th quarter worth about $254,000. GAMMA Investing LLC boosted its stake in shares of Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after purchasing an additional 826 shares during the period. HighTower Advisors LLC boosted its stake in shares of Cytokinetics by 21.8% during the 1st quarter. HighTower Advisors LLC now owns 11,352 shares of the biopharmaceutical company's stock worth $456,000 after purchasing an additional 2,029 shares during the period. Cetera Investment Advisers boosted its stake in shares of Cytokinetics by 29.7% during the 1st quarter. Cetera Investment Advisers now owns 5,904 shares of the biopharmaceutical company's stock worth $237,000 after purchasing an additional 1,353 shares during the period. Finally, Two Sigma Advisers LP boosted its stake in shares of Cytokinetics by 5.4% during the 4th quarter. Two Sigma Advisers LP now owns 226,400 shares of the biopharmaceutical company's stock worth $10,650,000 after purchasing an additional 11,700 shares during the period.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, Director Edward M. Md Kaye sold 6,756 shares of the company's stock in a transaction that occurred on 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 in the company, valued at approximately $1,161,500. This represents a 22.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction on 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 in the company, valued at $14,997,070.20. This trade represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,756 shares of company stock worth $1,171,560. 2.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CYTK. JPMorgan Chase & Co. dropped their price target on shares of Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a research note on Monday, June 9th. Wall Street Zen raised shares of Cytokinetics from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 10th. Mizuho lowered their price objective on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a research report on Thursday, May 29th. Cantor Fitzgerald raised shares of Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $72.00 price objective on shares of Cytokinetics in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $75.38.

Cytokinetics Stock Up 6.6%

Shares of NASDAQ CYTK traded up $3.26 during midday trading on Friday, reaching $53.01. 3,722,451 shares of the company's stock traded hands, compared to its average volume of 2,537,097. The stock's 50 day simple moving average is $37.62 and its 200-day simple moving average is $37.80. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $59.39. The company has a market cap of $6.34 billion, a price-to-earnings ratio of -10.39 and a beta of 0.62.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.34) by $0.22. The business had revenue of $66.77 million for the quarter, compared to the consensus estimate of $1.95 million. Cytokinetics's revenue for the quarter was up 26727.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.31) earnings per share. Equities analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

About Cytokinetics

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.