First Turn Management LLC Acquires 70,873 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• First Turn Management LLC increased its stake in Cytokinetics by 27.8% in the fourth quarter, buying 70,873 additional shares and bringing its total holdings to 325,668 shares worth about $20.7 million.
• Several other major institutional investors also added to their positions, including Vanguard, State Street, and Deep Track Capital, indicating continued hedge fund interest in the biopharmaceutical company.
• Wall Street remains generally positive on CYTK, with a consensus Moderate Buy rating and an average price target of $99.30, while the stock recently traded around $70.15 after strong quarterly revenue growth.

First Turn Management LLC raised its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 27.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 325,668 shares of the biopharmaceutical company's stock after acquiring an additional 70,873 shares during the period. Cytokinetics comprises 2.4% of First Turn Management LLC's holdings, making the stock its 21st biggest holding. First Turn Management LLC owned approximately 0.27% of Cytokinetics worth $20,693,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Cytokinetics by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company's stock valued at $765,538,000 after purchasing an additional 191,336 shares in the last quarter. State Street Corp boosted its stake in shares of Cytokinetics by 3.7% during the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company's stock valued at $370,139,000 after purchasing an additional 207,961 shares in the last quarter. Deep Track Capital LP boosted its stake in shares of Cytokinetics by 17.8% during the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock valued at $236,328,000 after purchasing an additional 650,000 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Cytokinetics by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company's stock valued at $194,214,000 after purchasing an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP boosted its stake in shares of Cytokinetics by 14.8% during the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company's stock valued at $98,294,000 after purchasing an additional 384,469 shares in the last quarter.

Wall Street Analysts Forecast Growth

CYTK has been the topic of a number of recent research reports. Barclays lifted their price target on Cytokinetics from $87.00 to $95.00 and gave the company an "overweight" rating in a research note on Monday, April 6th. Morgan Stanley lifted their price target on Cytokinetics from $90.00 to $103.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Needham & Company LLC lifted their price target on Cytokinetics from $85.00 to $102.00 and gave the company a "buy" rating in a research note on Tuesday, May 5th. Royal Bank Of Canada lifted their price target on Cytokinetics from $101.00 to $119.00 and gave the company an "outperform" rating in a research note on Wednesday, May 6th. Finally, HC Wainwright lifted their price target on Cytokinetics from $136.00 to $140.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $99.30.

Cytokinetics Price Performance

Cytokinetics stock opened at $70.15 on Friday. The stock's 50 day moving average is $70.40 and its 200 day moving average is $66.06. The firm has a market cap of $8.73 billion, a P/E ratio of -10.26 and a beta of 0.42. Cytokinetics, Incorporated has a one year low of $31.99 and a one year high of $80.20.

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, hitting analysts' consensus estimates of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. During the same period in the prior year, the firm earned ($1.36) earnings per share. Cytokinetics's revenue was up 1112.5% compared to the same quarter last year. Equities analysts anticipate that Cytokinetics, Incorporated will post -6.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other news, EVP Andrew Callos sold 15,857 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the transaction, the executive vice president owned 58,555 shares of the company's stock, valued at $3,806,075. This represents a 21.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 36,601 shares of the stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $2,274,752.15. Following the transaction, the chief executive officer directly owned 430,330 shares in the company, valued at $26,745,009.50. This trade represents a 7.84% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 171,989 shares of company stock valued at $11,393,064. 2.60% of the stock is currently owned by company insiders.

Cytokinetics Profile

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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