Algert Global LLC Grows Stock Position in Cytokinetics, Incorporated $CYTK

Key Points

• Algert Global LLC significantly increased its stake in Cytokinetics by 98.2%, acquiring 57,640 additional shares, bringing its total ownership to 116,320 shares valued at approximately $4.675 million.
• Cytokinetics reported a remarkable 26727.3% year-over-year increase in revenue for the most recent quarter, reaching $66.77 million, and surpassed analysts' EPS estimates.
• The stock has seen a disparity in analyst ratings, with four analysts rating it as a hold and ten as a buy, leading to a consensus price target of $71.58.

Algert Global LLC boosted its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 98.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,320 shares of the biopharmaceutical company's stock after acquiring an additional 57,640 shares during the period. Algert Global LLC owned 0.10% of Cytokinetics worth $4,675,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CYTK. T. Rowe Price Investment Management Inc. increased its position in Cytokinetics by 11.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company's stock worth $505,780,000 after purchasing an additional 1,062,136 shares during the period. Deep Track Capital LP increased its position in shares of Cytokinetics by 296.9% during the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock worth $117,600,000 after acquiring an additional 1,870,094 shares in the last quarter. Vestal Point Capital LP grew its position in Cytokinetics by 56.7% in 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 purchasing an additional 850,000 shares in the last quarter. Orbimed Advisors LLC grew its position in shares of Cytokinetics by 106.5% in the 4th quarter. Orbimed Advisors LLC now owns 1,584,005 shares of the biopharmaceutical company's stock valued at $74,512,000 after acquiring an additional 817,099 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Cytokinetics by 10.7% during the 4th quarter. Northern Trust Corp now owns 1,471,489 shares of the biopharmaceutical company's stock worth $69,219,000 after buying an additional 141,835 shares during the last quarter.

Insider Activity at Cytokinetics

In related news, EVP Andrew Callos sold 8,659 shares of Cytokinetics stock in a transaction on Thursday, June 5th. The shares were 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $38.31, for a total transaction of $76,620.00. Following the completion of the transaction, the executive vice president owned 140,610 shares in the company, valued at approximately $5,386,769.10. The trade was a 1.40% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 40,295 shares of company stock worth $1,384,010. 2.70% of the stock is currently owned by insiders.

Cytokinetics Price Performance

NASDAQ:CYTK traded up $0.29 on Friday, reaching $38.34. 1,548,301 shares of the company's stock were exchanged, compared to its average volume of 1,744,836. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of -7.52 and a beta of 0.64. Cytokinetics, Incorporated has a 52 week low of $29.31 and a 52 week high of $59.39. The stock has a fifty day simple moving average of $35.68 and a 200-day simple moving average of $38.02.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to the consensus estimate of $1.95 million. During the same quarter in the previous year, the firm earned ($1.31) earnings per share. The company's revenue for the quarter was up 26727.3% compared to the same quarter last year. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Analyst Ratings Changes

Several analysts have weighed in on CYTK shares. Cantor Fitzgerald upgraded shares of Cytokinetics to a "strong-buy" rating in a research note on Tuesday, May 13th. Royal Bank Of Canada lowered their price objective on shares of Cytokinetics from $82.00 to $80.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Raymond James Financial assumed coverage on shares of Cytokinetics in a report on Wednesday, July 30th. They set a "market perform" rating on the stock. Citigroup reduced their price objective on shares of Cytokinetics from $80.00 to $77.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Finally, Barclays dropped their target price on shares of Cytokinetics from $55.00 to $53.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $71.58.

Cytokinetics Company 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.