858,664 Shares in Cytokinetics, Incorporated $CYTK Purchased by Paradigm Biocapital Advisors LP

Key Points

• Paradigm Biocapital Advisors LP has acquired a significant position in Cytokinetics, purchasing 858,664 shares valued at approximately $34.51 million, making up 1.6% of their portfolio.
• Various institutional investors have increased their holdings in Cytokinetics, with Fifth Third Bancorp growing by 42.2% and Parallel Advisors LLC by 500.5% during the first quarter.
• In its recent quarterly earnings, Cytokinetics reported earnings per share of ($1.12), exceeding analyst expectations, with a significant year-over-year revenue increase of 26727.3%.

Paradigm Biocapital Advisors LP acquired a new position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 858,664 shares of the biopharmaceutical company's stock, valued at approximately $34,510,000. Cytokinetics makes up approximately 1.6% of Paradigm Biocapital Advisors LP's investment portfolio, making the stock its 16th biggest holding. Paradigm Biocapital Advisors LP owned approximately 0.72% of Cytokinetics at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CYTK. Fifth Third Bancorp grew its stake in shares of Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after acquiring an additional 291 shares during the last quarter. Parallel Advisors LLC grew its position in Cytokinetics by 500.5% during the 1st 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 grew its position in Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock valued at $45,000 after purchasing an additional 826 shares during the last quarter. UMB Bank n.a. grew its position in Cytokinetics by 91.4% during the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock valued at $46,000 after purchasing an additional 552 shares during the last quarter. Finally, Assetmark Inc. grew its position in Cytokinetics by 11,510.0% during the 1st quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock valued at $47,000 after purchasing an additional 1,151 shares during the last quarter.

Wall Street Analyst Weigh In

Several analysts recently commented on CYTK shares. Evercore ISI increased their price objective on shares of Cytokinetics from $60.00 to $80.00 and gave the company an "outperform" rating in a research report on Wednesday. Barclays upped their price objective on Cytokinetics from $53.00 to $71.00 and gave the company an "overweight" rating in a research report on Wednesday. JMP Securities reissued a "market outperform" rating and set a $78.00 price target on shares of Cytokinetics in a report on Tuesday. Royal Bank Of Canada cut their price target on Cytokinetics from $82.00 to $80.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Finally, Needham & Company LLC restated a "buy" rating and issued a $72.00 price objective on shares of Cytokinetics in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.38.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $38.31, for a total value of $76,620.00. Following the completion of the transaction, the executive vice president owned 140,610 shares in the company, valued at approximately $5,386,769.10. This trade represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Edward M. Md Kaye sold 6,756 shares of Cytokinetics stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $50.00, for a total value of $337,800.00. Following the completion of the transaction, the director 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 29,756 shares of company stock valued at $1,171,560. 2.70% of the stock is currently owned by insiders.

Cytokinetics Price Performance

Shares of CYTK stock traded down $0.22 during trading hours on Thursday, hitting $49.77. The stock had a trading volume of 2,317,582 shares, compared to its average volume of 1,841,904. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $59.39. The stock's 50-day moving average price is $36.91 and its two-hundred day moving average price is $37.72. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of -9.76 and a beta of 0.62.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million during the quarter, compared to the consensus estimate of $1.95 million. During the same period last year, the firm posted ($1.31) earnings per share. The company's revenue for the quarter was up 26727.3% compared to the same quarter last year. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

About Cytokinetics

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.