ADAR1 Capital Management LLC Has $15.70 Million Position in Cytokinetics, Incorporated $CYTK

Key Points

• ADAR1 Capital Management LLC reduced its stake in Cytokinetics by 9% in Q1, holding approximately $15.7 million worth of shares after selling 38,580 during the quarter.
• Several other institutional investors significantly increased their positions in Cytokinetics during the same period, with Fifth Third Bancorp boosting its stake by 42.2%.
• Cytokinetics reported a quarterly revenue of $66.77 million, a notable increase of over 26,000% compared to the previous year, exceeding expectations of $1.95 million.

ADAR1 Capital Management LLC trimmed its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 9.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 390,729 shares of the biopharmaceutical company's stock after selling 38,580 shares during the quarter. Cytokinetics makes up approximately 2.9% of ADAR1 Capital Management LLC's portfolio, making the stock its 7th largest position. ADAR1 Capital Management LLC owned approximately 0.33% of Cytokinetics worth $15,703,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. Vestal Point Capital LP increased its holdings in shares of Cytokinetics by 10.2% in the 1st quarter. Vestal Point Capital LP now owns 2,590,531 shares of the biopharmaceutical company's stock valued at $104,113,000 after purchasing an additional 240,531 shares during the period. Graham Capital Management L.P. acquired a new position in Cytokinetics in the 1st quarter valued at approximately $643,000. Paradigm Biocapital Advisors LP acquired a new position in Cytokinetics in the 1st quarter valued at approximately $34,510,000. Carlson Capital L.P. acquired a new stake in shares of Cytokinetics during the 1st quarter valued at $301,000. Finally, Gabelli Funds LLC increased its holdings in Cytokinetics by 30.0% in the first quarter. Gabelli Funds LLC now owns 6,500 shares of the biopharmaceutical company's stock worth $261,000 after buying an additional 1,500 shares during the last quarter.

Wall Street Analysts Forecast Growth

CYTK has been the topic of a number of research reports. Citigroup boosted their target price on shares of Cytokinetics from $77.00 to $84.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. Barclays lifted their target price on shares of Cytokinetics from $53.00 to $71.00 and gave the company an "overweight" rating in a research report on Wednesday. JPMorgan Chase & Co. cut 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. Raymond James Financial initiated coverage on Cytokinetics in a research note on Wednesday, July 30th. They issued a "market perform" rating on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Tuesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $75.38.

Cytokinetics Stock Up 6.6%

CYTK stock 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 company has a 50-day simple moving average of $37.62 and a two-hundred day simple moving average of $37.74. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-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 announced its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, beating analysts' consensus estimates of ($1.34) by $0.22. The business had revenue of $66.77 million during the quarter, compared to analyst estimates of $1.95 million. The business's quarterly revenue was up 26727.3% compared to the same quarter last year. During the same quarter last year, the business posted ($1.31) earnings per share. Equities research analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insider Buying and Selling

In other news, Director Edward M. Md Kaye sold 6,756 shares of Cytokinetics stock in a transaction 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 directly owned 23,230 shares of the company's stock, valued at $1,161,500. This trade represents a 22.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $38.31, for a total value of $76,620.00. Following the sale, the executive vice president directly owned 140,610 shares in the company, valued at $5,386,769.10. The trade was a 1.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,756 shares of company stock valued at $1,171,560 in the last 90 days. 2.70% of the stock is owned by insiders.

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.