GW&K Investment Management LLC Takes $9.93 Million Position in Cytokinetics, Incorporated $CYTK

Key Points

• GW&K Investment Management bought a new stake of 180,670 shares in Cytokinetics valued at about $9.93 million, representing roughly 0.15% of the company at quarter-end.
• Cytokinetics reported Q results with a slight EPS miss—($1.50) vs. ($1.48) expected—but its revenue of $17.76 million substantially beat estimates and rose 4.9% year-over-year.
• Analysts are broadly positive: the stock carries a consensus "Moderate Buy" with an average price target of $89.28, versus a recent share price around $60.41.

GW&K Investment Management LLC purchased a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 180,670 shares of the biopharmaceutical company's stock, valued at approximately $9,930,000. GW&K Investment Management LLC owned about 0.15% of Cytokinetics at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its position in shares of Cytokinetics by 59.8% in the third quarter. Dimensional Fund Advisors LP now owns 51,259 shares of the biopharmaceutical company's stock valued at $2,817,000 after acquiring an additional 19,173 shares during the period. Legato Capital Management LLC acquired a new stake in Cytokinetics in the 3rd quarter worth about $967,000. Teachers Retirement System of The State of Kentucky raised its stake in Cytokinetics by 3.7% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 60,789 shares of the biopharmaceutical company's stock worth $3,340,000 after purchasing an additional 2,149 shares in the last quarter. Segall Bryant & Hamill LLC boosted its holdings in Cytokinetics by 116.1% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 181,050 shares of the biopharmaceutical company's stock valued at $9,951,000 after purchasing an additional 97,280 shares during the period. Finally, Fisher Asset Management LLC grew its position in shares of Cytokinetics by 3.8% during the 3rd quarter. Fisher Asset Management LLC now owns 761,587 shares of the biopharmaceutical company's stock worth $41,857,000 after purchasing an additional 27,907 shares in the last quarter.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $60.41 on Friday. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $70.98. The company has a market cap of $7.44 billion, a PE ratio of -9.25 and a beta of 0.56. The firm's 50 day simple moving average is $63.95 and its 200 day simple moving average is $59.41.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The business had revenue of $17.76 million for the quarter, compared to analysts' expectations of $8.02 million. The business's revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the business posted ($1.26) EPS. Equities research analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other news, Director Wendell Wierenga sold 20,000 shares of the stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the completion of the sale, the director directly owned 32,444 shares in the company, valued at $2,145,846.16. This represents a 38.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 2,200 shares of Cytokinetics stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $61.24, for a total transaction of $134,728.00. Following the transaction, the executive vice president directly owned 138,552 shares of the company's stock, valued at $8,484,924.48. This represents a 1.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 83,735 shares of company stock valued at $5,248,594. 2.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CYTK. Bank of America restated a "neutral" rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Weiss Ratings restated a "sell (d-)" rating on shares of Cytokinetics in a research note on Wednesday, January 21st. Leerink Partners raised their target price on Cytokinetics from $83.00 to $84.00 and gave the company an "outperform" rating in a report on Thursday, February 26th. HC Wainwright lifted their price target on Cytokinetics from $120.00 to $136.00 and gave the company a "buy" rating in a research note on Monday, December 22nd. Finally, UBS Group raised their price objective on Cytokinetics from $61.00 to $69.00 and gave the company a "neutral" rating in a research note on Friday. Seventeen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $89.28.

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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