Cytokinetics, Incorporated $CYTK Stock Position Boosted by ADAR1 Capital Management LLC

ADAR1 Capital Management LLC raised its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 17.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 632,556 shares of the biopharmaceutical company's stock after purchasing an additional 92,390 shares during the quarter. Cytokinetics comprises approximately 2.5% of ADAR1 Capital Management LLC's portfolio, making the stock its 7th largest holding. ADAR1 Capital Management LLC owned about 0.51% of Cytokinetics worth $41,692,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CYTK. Vanguard Group Inc. raised its stake in shares of Cytokinetics by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company's stock worth $765,538,000 after buying an additional 191,336 shares in the last quarter. Royce & Associates LP raised its stake in shares of Cytokinetics by 44.3% during the 4th quarter. Royce & Associates LP now owns 144,426 shares of the biopharmaceutical company's stock worth $9,177,000 after buying an additional 44,343 shares during the last quarter. Norges Bank purchased a new stake in shares of Cytokinetics in the fourth quarter valued at about $51,281,000. GW&K Investment Management LLC lifted its stake in Cytokinetics by 161.5% in the 4th quarter. GW&K Investment Management LLC now owns 472,363 shares of the biopharmaceutical company's stock valued at $30,015,000 after buying an additional 291,693 shares in the last quarter. Finally, Eventide Asset Management LLC lifted its position in shares of Cytokinetics by 181.9% in the fourth quarter. Eventide Asset Management LLC now owns 479,611 shares of the biopharmaceutical company's stock valued at $30,473,000 after acquiring an additional 309,503 shares in the last quarter.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $79.45 on Wednesday. Cytokinetics, Incorporated has a 12-month low of $32.89 and a 12-month high of $88.31. The firm has a market capitalization of $9.89 billion, a P/E ratio of -11.62 and a beta of 0.42. The business has a 50 day simple moving average of $78.70 and a 200 day simple moving average of $70.11.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. The firm's revenue was up 1112.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.36) EPS. Research analysts anticipate that Cytokinetics, Incorporated will post -6.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CYTK. HC Wainwright increased their price target on Cytokinetics from $136.00 to $140.00 and gave the stock a "buy" rating in a research note on Monday, May 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cytokinetics in a research report on Friday, July 17th. Barclays increased their target price on Cytokinetics from $87.00 to $95.00 and gave the company an "overweight" rating in a research note on Monday, April 6th. UBS Group upgraded shares of Cytokinetics from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $69.00 to $115.00 in a report on Monday, June 29th. Finally, Citigroup assumed coverage on Cytokinetics in a research note on Monday, May 18th. They set a "buy" rating and a $99.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $99.90.

Insider Buying and Selling at Cytokinetics

In other news, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction on Monday, June 15th. The stock was sold at an average price of $70.46, for a total transaction of $528,450.00. Following the transaction, the chief executive officer directly owned 385,330 shares in the company, valued at approximately $27,150,351.80. This trade represents a 1.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of Cytokinetics stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $65.00, for a total value of $1,030,705.00. Following the transaction, the executive vice president directly owned 58,555 shares in the company, valued at approximately $3,806,075. The trade was a 21.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 135,536 shares of company stock valued at $10,258,134. Company 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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