Siren L.L.C. Invests $40.47 Million in Cytokinetics, Incorporated $CYTK

Key Points

• Siren L.L.C. opened a new position in Cytokinetics, buying 613,952 shares worth about $40.47 million in the first quarter. The stake represents roughly 0.49% of Cytokinetics and 1.1% of Siren’s portfolio.
• Cytokinetics reported stronger-than-expected revenue in its latest quarterly results, posting $19.36 million versus the $8.52 million analysts expected, while EPS matched estimates at -$1.67. Revenue surged 1112.5% year over year.
• Analysts remain constructive on the stock, with several firms raising price targets and UBS upgrading Cytokinetics to buy. The consensus rating is “Moderate Buy,” with an average price target of $99.90.

Siren L.L.C. acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 613,952 shares of the biopharmaceutical company's stock, valued at approximately $40,466,000. Cytokinetics comprises 1.1% of Siren L.L.C.'s investment portfolio, making the stock its 25th biggest position. Siren L.L.C. owned approximately 0.49% of Cytokinetics as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock worth $25,000 after purchasing an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Cytokinetics during the fourth quarter valued at about $27,000. Kestra Advisory Services LLC bought a new stake in shares of Cytokinetics in the 4th quarter valued at about $29,000. Quarry LP bought a new stake in shares of Cytokinetics in the 3rd quarter valued at about $30,000. Finally, TD Waterhouse Canada Inc. bought a new stake in shares of Cytokinetics in the 4th quarter valued at about $32,000.

Cytokinetics Stock Down 0.3%

CYTK stock opened at $81.92 on Friday. The firm has a 50 day moving average of $78.44 and a 200 day moving average of $69.76. The stock has a market capitalization of $10.19 billion, a PE ratio of -11.98 and a beta of 0.42. Cytokinetics, Incorporated has a 52 week low of $32.89 and a 52 week high of $88.31.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly 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 company had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. The company's revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.36) EPS. On average, equities research analysts expect that Cytokinetics, Incorporated will post -6.22 earnings per share for the current year.

Insider Activity

In other news, Director B Lynne Parshall sold 5,000 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $74.08, for a total transaction of $370,400.00. Following the sale, the director directly owned 15,784 shares of the company's stock, valued at $1,169,278.72. The trade was a 24.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the firm's stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $86.62, for a total value of $303,170.00. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company's stock, valued at $13,330,991.24. This trade represents a 2.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 132,036 shares of company stock valued at $9,816,694. 2.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Barclays raised their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the company an "overweight" rating in a research note on Monday, April 6th. Stifel Nicolaus lifted their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. UBS Group raised Cytokinetics from a "neutral" rating to a "buy" rating and upped their price target for the stock from $69.00 to $115.00 in a research report on Monday, June 29th. Finally, Wells Fargo & Company increased their price objective on Cytokinetics from $95.00 to $105.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $99.90.

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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