Northwestern Mutual Wealth Management Co. Boosts Stock Position in Cytokinetics, Incorporated $CYTK

Key Points

• Northwestern Mutual Wealth Management Co. massively increased its Cytokinetics stake in the fourth quarter, ending with 565,765 shares worth about $35.9 million. Other institutional investors, including Woodline Partners and Deep Track Capital, also boosted or initiated positions.
• Cytokinetics reported better-than-expected revenue of $19.36 million in its latest quarter, far above the $8.52 million analysts had projected, while EPS matched estimates at ($1.67). Revenue jumped 1112.5% year over year.
• Analyst sentiment remains mostly positive, with several firms raising price targets and the stock carrying a consensus rating of “Moderate Buy” with an average target price of $98.55. At the same time, insiders have sold shares recently, including EVP transactions in March.

Northwestern Mutual Wealth Management Co. grew its stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 151,987.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 565,765 shares of the biopharmaceutical company's stock after purchasing an additional 565,393 shares during the period. Northwestern Mutual Wealth Management Co. owned approximately 0.46% of Cytokinetics worth $35,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in CYTK. Woodline Partners LP grew its position in shares of Cytokinetics by 676.1% in the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company's stock valued at $90,559,000 after purchasing an additional 1,435,422 shares in the last quarter. Deep Track Capital LP grew its position in shares of Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock valued at $236,328,000 after purchasing an additional 650,000 shares in the last quarter. Foresite Capital Management IV LLC purchased a new stake in shares of Cytokinetics in the third quarter valued at approximately $25,188,000. Rosalind Advisors Inc. purchased a new stake in shares of Cytokinetics in the second quarter valued at approximately $13,216,000. Finally, Vestal Point Capital LP grew its position in shares of Cytokinetics by 14.8% in the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company's stock valued at $98,294,000 after purchasing an additional 384,469 shares in the last quarter.

Cytokinetics Stock Performance

Shares of Cytokinetics stock opened at $75.18 on Tuesday. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of -10.99 and a beta of 0.38. Cytokinetics, Incorporated has a fifty-two week low of $29.81 and a fifty-two week high of $80.20. The stock has a 50 day moving average of $66.19 and a 200 day moving average of $64.73.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to analysts' expectations of $8.52 million. The company's revenue was up 1112.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.36) earnings per share. Analysts forecast that Cytokinetics, Incorporated will post -6.26 EPS for the current year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Andrew Callos sold 26,000 shares of the company's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the transaction, the executive vice president directly owned 50,440 shares in the company, valued at $3,120,722.80. This represents a 34.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 12,033 shares of the company's stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total value of $747,850.95. Following the transaction, the executive vice president owned 153,902 shares in the company, valued at $9,565,009.30. This trade represents a 7.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 177,476 shares of company stock worth $11,294,769 over the last ninety days. Corporate insiders own 2.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CYTK. Weiss Ratings restated a "sell (d-)" rating on shares of Cytokinetics in a research report on Monday, April 20th. Citizens Jmp upped their price target on Cytokinetics from $88.00 to $96.00 and gave the company a "market outperform" rating in a research report on Wednesday, February 25th. Morgan Stanley increased their price objective on Cytokinetics from $90.00 to $103.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Truist Financial set a $106.00 price objective on Cytokinetics in a research report on Tuesday, May 5th. Finally, Royal Bank Of Canada increased their price objective on Cytokinetics from $101.00 to $119.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $98.55.

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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