Graham Capital Management L.P. Acquires New Position in Cytokinetics, Incorporated $CYTK

Key Points

• Graham Capital Management L.P. made a new investment in Cytokinetics, acquiring 15,991 shares valued at approximately $643,000.
• Several hedge funds, including Vestal Point Capital LP and Orbimed Advisors LLC, significantly increased their stakes in Cytokinetics during the fourth quarter, indicating growing institutional interest.
• Analysts maintain a positive outlook on Cytokinetics, with ratings including a "buy" and a consensus price target of $75.38 for the stock.

Graham Capital Management L.P. bought a new position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 15,991 shares of the biopharmaceutical company's stock, valued at approximately $643,000.

Several other institutional investors also recently bought and sold shares of the business. Fifth Third Bancorp lifted its stake in shares of Cytokinetics by 42.2% during the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 291 shares during the period. Parallel Advisors LLC increased its stake in Cytokinetics by 500.5% in the first quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock valued at $44,000 after purchasing an additional 916 shares during the last quarter. GAMMA Investing LLC lifted its position in Cytokinetics by 281.0% during the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after buying an additional 826 shares during the period. UMB Bank n.a. lifted its position in Cytokinetics by 91.4% during the first quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock worth $46,000 after buying an additional 552 shares during the period. Finally, Assetmark Inc. boosted its stake in Cytokinetics by 11,510.0% in the 1st quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock worth $47,000 after buying an additional 1,151 shares during the last quarter.

Cytokinetics Stock Up 2.5%

Shares of NASDAQ CYTK traded up $1.32 during trading on Thursday, reaching $53.32. 1,586,059 shares of the stock were exchanged, compared to its average volume of 2,624,258. The business's 50-day moving average price is $39.10 and its 200 day moving average price is $37.89. The company has a market capitalization of $6.38 billion, a price-to-earnings ratio of -10.45 and a beta of 0.62. Cytokinetics, Incorporated has a twelve month low of $29.31 and a twelve month high of $59.39.

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 the consensus estimate of ($1.34) by $0.22. The business had revenue of $66.77 million for the quarter, compared to analyst estimates of $1.95 million. During the same quarter in the prior year, the business earned ($1.31) earnings per share. The firm's revenue was up 26727.3% on a year-over-year basis. As a group, sell-side analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Edward M. Md Kaye sold 6,756 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $50.00, for a total transaction of $337,800.00. Following the sale, the director directly owned 23,230 shares of the company's stock, valued at approximately $1,161,500. This represents a 22.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $36.45, for a total value of $182,250.00. Following the transaction, the chief executive officer owned 388,108 shares in the company, valued at $14,146,536.60. This trade represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,756 shares of company stock worth $1,274,140. 2.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CYTK. Barclays upped their price objective on shares of Cytokinetics from $53.00 to $71.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Evercore ISI increased their target price on Cytokinetics from $60.00 to $80.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 3rd. Raymond James Financial initiated coverage on Cytokinetics in a report on Wednesday, July 30th. They issued a "market perform" rating on the stock. Mizuho lowered their price target on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a research report on Thursday, May 29th. Finally, JMP Securities restated a "market outperform" rating and issued a $78.00 price objective on shares of Cytokinetics in a report on Tuesday, September 2nd. One 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 company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $75.38.

Cytokinetics Company Profile

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.