Gabelli Funds LLC Sells 20,550 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• Gabelli Funds LLC reduced its Cytokinetics stake by 59.1% in the fourth quarter, selling 20,550 shares and leaving it with 14,209 shares valued at about $903,000.
• Insider selling has been notable, with EVP Andrew Callos and CEO Robert I. Blum both selling shares recently; insiders have sold 177,476 shares worth about $11.3 million over the last 90 days.
• Cytokinetics reported strong revenue growth in its latest quarter, beating expectations with $19.36 million in revenue while posting an EPS of -$1.67; analysts currently rate the stock a Moderate Buy with an average price target of $99.30.

Gabelli Funds LLC cut its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 59.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,209 shares of the biopharmaceutical company's stock after selling 20,550 shares during the period. Gabelli Funds LLC's holdings in Cytokinetics were worth $903,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. UMB Bank n.a. lifted its stake in Cytokinetics by 10.6% in the third quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company's stock worth $97,000 after purchasing an additional 169 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of Cytokinetics by 8.1% during the third quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company's stock valued at $191,000 after acquiring an additional 261 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Cytokinetics by 32.3% during the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company's stock valued at $59,000 after acquiring an additional 262 shares during the last quarter. Danske Bank A S raised its stake in shares of Cytokinetics by 23.1% during the fourth quarter. Danske Bank A S now owns 1,600 shares of the biopharmaceutical company's stock valued at $102,000 after acquiring an additional 300 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of Cytokinetics by 1.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 24,415 shares of the biopharmaceutical company's stock valued at $1,551,000 after acquiring an additional 300 shares during the last quarter.

Insider Activity at Cytokinetics

In related news, EVP Andrew Callos sold 26,000 shares of the business's 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 transaction, the executive vice president owned 50,440 shares in the company, valued at $3,120,722.80. The trade was a 34.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert I. Blum sold 36,601 shares of the business's stock in a transaction dated Tuesday, March 17th. The shares were 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 in the company, 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 have sold 177,476 shares of company stock worth $11,294,769 over the last 90 days. 2.60% of the stock is owned by company insiders.

Cytokinetics Price Performance

Shares of NASDAQ CYTK opened at $76.94 on Friday. Cytokinetics, Incorporated has a 1 year low of $29.81 and a 1 year high of $80.20. The company's 50-day moving average is $67.38 and its 200 day moving average is $65.13. The stock has a market capitalization of $9.57 billion, a P/E ratio of -11.25 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million for the quarter, compared to analysts' expectations of $8.52 million. During the same quarter in the prior year, the firm earned ($1.36) EPS. Cytokinetics's quarterly revenue was up 1112.5% compared to the same quarter last year. Research analysts anticipate that Cytokinetics, Incorporated will post -6.27 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CYTK. Citizens Jmp upped their price objective on shares of Cytokinetics from $88.00 to $96.00 and gave the company a "market outperform" rating in a research note on Wednesday, February 25th. HC Wainwright upped their price objective on shares of Cytokinetics from $136.00 to $140.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Bank of America reaffirmed a "neutral" rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Stifel Nicolaus upped their price objective on shares of Cytokinetics from $98.00 to $108.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Finally, Leerink Partners reaffirmed an "outperform" rating on shares of Cytokinetics in a research note on Tuesday, March 10th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $99.30.

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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