Cytokinetics, Incorporated $CYTK Shares Purchased by Legato Capital Management LLC

Key Points

• Legato Capital Management boosted its Cytokinetics stake by 81.5% in the fourth quarter, buying 14,345 additional shares and bringing its total holding to 31,948 shares worth about $2.03 million.
• Cytokinetics reported strong revenue growth in its latest quarter, posting $19.36 million in revenue versus $8.52 million expected, while EPS of -$1.67 matched consensus estimates.
• Analysts remain broadly bullish on the stock, with a consensus rating of “Moderate Buy” and an average price target of $99.30, even as company insiders recently sold shares.

Legato Capital Management LLC increased its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 81.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,948 shares of the biopharmaceutical company's stock after acquiring an additional 14,345 shares during the period. Legato Capital Management LLC's holdings in Cytokinetics were worth $2,030,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Cytokinetics by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company's stock worth $765,538,000 after acquiring an additional 191,336 shares during the period. Deep Track Capital LP grew its holdings in Cytokinetics by 17.8% during the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock worth $236,328,000 after acquiring an additional 650,000 shares during the period. Vestal Point Capital LP grew its holdings in Cytokinetics by 14.8% during the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company's stock worth $98,294,000 after acquiring an additional 384,469 shares during the period. Woodline Partners LP grew its holdings in Cytokinetics by 676.1% during the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company's stock worth $90,559,000 after acquiring an additional 1,435,422 shares during the period. Finally, Northern Trust Corp grew its holdings in Cytokinetics by 2.0% in the third quarter. Northern Trust Corp now owns 1,406,832 shares of the biopharmaceutical company's stock valued at $77,319,000 after purchasing an additional 27,641 shares during the last quarter.

Cytokinetics Stock Performance

Cytokinetics stock opened at $76.94 on Friday. The firm has a market capitalization of $9.57 billion, a price-to-earnings ratio of -11.25 and a beta of 0.38. Cytokinetics, Incorporated has a fifty-two week low of $29.81 and a fifty-two week high of $80.20. The stock's fifty day moving average is $67.38 and its two-hundred day moving average is $65.13.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting analysts' consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. The firm's revenue was up 1112.5% on a year-over-year basis. During the same period in the previous year, the business earned ($1.36) EPS. As a group, sell-side analysts forecast that Cytokinetics, Incorporated will post -6.27 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CYTK has been the topic of several research reports. Bank of America reissued a "neutral" rating on shares of Cytokinetics in a report on Wednesday, February 25th. Barclays upped their target price on Cytokinetics from $87.00 to $95.00 and gave the company an "overweight" rating in a report on Monday, April 6th. Royal Bank Of Canada upped their target price on Cytokinetics from $101.00 to $119.00 and gave the company an "outperform" rating in a report on Wednesday, May 6th. HC Wainwright upped their target price on Cytokinetics from $136.00 to $140.00 and gave the company a "buy" rating in a report on Monday, May 11th. Finally, JPMorgan Chase & Co. upped their target price on Cytokinetics from $92.00 to $97.00 and gave the company an "overweight" rating in a report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cytokinetics presently has a consensus rating of "Moderate Buy" and a consensus price target of $99.30.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $77.92, for a total transaction of $584,400.00. Following the sale, the chief executive officer owned 400,330 shares of the company's stock, valued at $31,193,713.60. This trade represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $77.37, for a total value of $270,795.00. Following the sale, the executive vice president directly owned 153,902 shares in the company, valued at approximately $11,907,397.74. The trade was a 2.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 177,476 shares of company stock valued at $11,294,769 over the last quarter. Insiders own 2.60% of the company's stock.

About Cytokinetics

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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