GABELLI & Co INVESTMENT ADVISERS INC. Sells 23,900 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• Gabelli & Co Investment Advisers cut its Cytokinetics stake by 63.8% in the fourth quarter, selling 23,900 shares and leaving it with 13,578 shares valued at about $863,000.
• Cytokinetics reported quarterly earnings of ($1.67) per share, matching estimates, while revenue of $19.36 million beat expectations and jumped 1112.5% from a year earlier.
• Analysts remain generally bullish on the stock, with a consensus Moderate Buy rating and an average price target of $98.55, even as some insiders recently sold shares.

GABELLI & Co INVESTMENT ADVISERS INC. decreased its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 63.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,578 shares of the biopharmaceutical company's stock after selling 23,900 shares during the quarter. GABELLI & Co INVESTMENT ADVISERS INC.'s holdings in Cytokinetics were worth $863,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CYTK. Woodline Partners LP grew its stake in shares of Cytokinetics by 676.1% in the 3rd 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 in the last quarter. Deep Track Capital LP grew its stake in shares of Cytokinetics by 17.8% in the 3rd 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 in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Cytokinetics by 151,987.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company's stock worth $35,949,000 after acquiring an additional 565,393 shares in the last quarter. Foresite Capital Management IV LLC bought a new stake in shares of Cytokinetics in the 3rd quarter worth $25,188,000. Finally, Rosalind Advisors Inc. bought a new stake in shares of Cytokinetics in the 2nd quarter worth $13,216,000.

Cytokinetics Stock Performance

CYTK opened at $75.85 on Monday. The firm has a market cap of $9.44 billion, a P/E ratio of -11.09 and a beta of 0.38. The firm has a 50-day moving average of $65.93 and a 200 day moving average of $64.64. Cytokinetics, Incorporated has a fifty-two week low of $29.75 and a fifty-two week high of $80.20.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. Cytokinetics's quarterly revenue was up 1112.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.36) EPS. Equities research analysts predict that Cytokinetics, Incorporated will post -6.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Andrew Callos sold 26,000 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the completion of the transaction, the executive vice president owned 50,440 shares in the company, valued at $3,120,722.80. This trade represents a 34.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 owned 430,330 shares of the company's stock, valued at $26,745,009.50. This represents a 7.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 177,476 shares of company stock worth $11,294,769 over the last quarter. 2.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Mizuho upped their target price on shares of Cytokinetics from $84.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 18th. Robert W. Baird set a $84.00 price target on shares of Cytokinetics in a research report on Tuesday, March 10th. B. Riley Financial increased their price target on shares of Cytokinetics from $90.00 to $108.00 and gave the company a "buy" rating in a research report on Wednesday, January 21st. Weiss Ratings restated a "sell (d-)" rating on shares of Cytokinetics in a research report on Monday, April 20th. Finally, Citizens Jmp increased their price target on shares of Cytokinetics from $88.00 to $96.00 and gave the company a "market outperform" rating in a research report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.55.

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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