Quinn Opportunity Partners LLC Grows Stock Position in Cytokinetics, Incorporated $CYTK

Key Points

• Quinn Opportunity Partners LLC increased its stake in Cytokinetics by 40.4% to 273,661 shares (about 0.22% of the company) worth approximately $15.04 million, making CYTK its 16th largest holding.
• Cytokinetics reported Q4 EPS of ($1.50), missing estimates by $0.02 while posting revenue of $17.76 million (up 4.9% YoY and above consensus); analysts project FY EPS of about ($5.24).
• Wall Street sentiment is broadly positive with a consensus rating of Moderate Buy and a $89 average price target (17 Buys, 3 Holds, 1 Sell); CYTK trades near $60 with a $7.4B market cap.

Quinn Opportunity Partners LLC lifted its stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 40.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 273,661 shares of the biopharmaceutical company's stock after buying an additional 78,722 shares during the quarter. Cytokinetics makes up 1.1% of Quinn Opportunity Partners LLC's holdings, making the stock its 16th largest position. Quinn Opportunity Partners LLC owned about 0.22% of Cytokinetics worth $15,040,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC lifted its holdings in Cytokinetics by 1.9% in the second quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company's stock valued at $98,948,000 after acquiring an additional 56,961 shares during the period. Vestal Point Capital LP boosted its position in Cytokinetics by 14.8% in the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company's stock worth $98,294,000 after purchasing an additional 384,469 shares in the last quarter. Norges Bank acquired a new stake in shares of Cytokinetics during the 2nd quarter worth approximately $39,122,000. Capital International Investors increased its holdings in shares of Cytokinetics by 0.9% during the 3rd quarter. Capital International Investors now owns 1,178,780 shares of the biopharmaceutical company's stock valued at $64,786,000 after purchasing an additional 10,670 shares in the last quarter. Finally, Aberdeen Group plc increased its holdings in shares of Cytokinetics by 0.5% during the 3rd quarter. Aberdeen Group plc now owns 927,832 shares of the biopharmaceutical company's stock valued at $50,994,000 after purchasing an additional 4,903 shares in the last quarter.

Cytokinetics Stock Performance

Shares of CYTK opened at $60.06 on Friday. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $70.98. The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of -9.20 and a beta of 0.56. The stock has a 50 day moving average price of $63.92 and a 200 day moving average price of $60.26.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing analysts' consensus estimates of ($1.48) by ($0.02). The business had revenue of $17.76 million during the quarter, compared to the consensus estimate of $8.02 million. During the same quarter in the prior year, the firm earned ($1.26) EPS. The business's quarterly revenue was up 4.9% compared to the same quarter last year. On average, analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CYTK. Royal Bank Of Canada increased their price target on shares of Cytokinetics from $95.00 to $101.00 and gave the stock an "outperform" rating in a report on Friday, February 20th. B. Riley Financial upped their price objective on shares of Cytokinetics from $90.00 to $108.00 and gave the stock a "buy" rating in a research report on Wednesday, January 21st. HC Wainwright raised their target price on Cytokinetics from $120.00 to $136.00 and gave the company a "buy" rating in a research report on Monday, December 22nd. Morgan Stanley set a $90.00 price target on Cytokinetics in a report on Thursday, January 8th. Finally, Bank of America restated a "neutral" rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Seventeen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $89.00.

Insider Buying and Selling at Cytokinetics

In related news, Director Wendell Wierenga sold 20,000 shares of the company's stock in a transaction dated 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 owned 32,444 shares of the company's stock, valued at approximately $2,145,846.16. This represents a 38.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Andrew Callos sold 2,582 shares of the stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $60.72, for a total transaction of $156,779.04. Following the completion of the sale, the executive vice president owned 47,858 shares of the company's stock, valued at approximately $2,905,937.76. The trade was a 5.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 96,113 shares of company stock valued at $5,994,726 over the last ninety days. 2.70% of the stock is currently owned by corporate insiders.

Cytokinetics Company 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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