Monashee Investment Management LLC Sells 25,000 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• Monashee Investment Management cut its Cytokinetics stake by 25% in the fourth quarter, selling 25,000 shares and leaving it with 75,000 shares valued at about $4.77 million.
• Cytokinetics reported strong revenue growth in its latest quarter, posting $19.36 million in revenue versus $8.52 million expected, while EPS of -$1.67 matched analyst estimates.
• Analysts remain broadly positive on the stock, with a consensus “Moderate Buy” rating and an average price target of $99.30, even as several insiders have recently sold shares.

Monashee Investment Management LLC decreased its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 25.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 75,000 shares of the biopharmaceutical company's stock after selling 25,000 shares during the quarter. Cytokinetics accounts for approximately 2.7% of Monashee Investment Management LLC's holdings, making the stock its 15th biggest holding. Monashee Investment Management LLC owned approximately 0.06% of Cytokinetics worth $4,766,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CYTK. Woodline Partners LP grew its holdings 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 purchasing an additional 1,435,422 shares during the last quarter. Norges Bank bought a new stake in shares of Cytokinetics in the 4th quarter worth about $51,281,000. Deep Track Capital LP lifted its position in Cytokinetics by 17.8% during the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock worth $236,328,000 after buying an additional 650,000 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Cytokinetics by 151,987.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company's stock worth $35,949,000 after buying an additional 565,393 shares in the last quarter. Finally, Foresite Capital Management IV LLC acquired a new position in Cytokinetics during the 3rd quarter worth about $25,188,000.

Cytokinetics Trading Up 3.3%

Cytokinetics stock opened at $69.27 on Friday. Cytokinetics, Incorporated has a 1 year low of $31.99 and a 1 year high of $80.20. The company has a market cap of $8.62 billion, a PE ratio of -10.13 and a beta of 0.42. The company's 50-day moving average is $70.33 and its two-hundred day moving average is $66.03.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. During the same quarter in the previous year, the company posted ($1.36) earnings per share. The business's revenue for the quarter was up 1112.5% on a year-over-year basis. Research analysts forecast that Cytokinetics, Incorporated will post -6.29 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 36,601 shares of the company'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 directly owned 430,330 shares in the company, valued at approximately $26,745,009.50. This represents a 7.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Andrew Callos sold 15,857 shares of the company's 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 in the company, valued at approximately $3,806,075. The trade was a 21.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 171,989 shares of company stock worth $11,393,064. Company insiders own 2.60% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CYTK shares. Citigroup started coverage on shares of Cytokinetics in a research report on Monday, May 18th. They set a "buy" rating and a $99.00 price target on the stock. JPMorgan Chase & Co. upped their price target on shares of Cytokinetics from $92.00 to $97.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 12th. Leerink Partners reiterated an "outperform" rating on shares of Cytokinetics in a research report on Tuesday, March 10th. Bank of America reiterated a "neutral" rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Finally, Wells Fargo & Company upped their price target on shares of Cytokinetics from $95.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. 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 issued a Sell rating to the company. According to data from MarketBeat, the stock currently 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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