Cytokinetics, Incorporated (NASDAQ:CYTK) Position Boosted by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP has increased its stake in Cytokinetics, Incorporated by 2.4%, acquiring an additional 30,346 shares for a total of approximately $52.66 million.
• Several large investors have also bolstered their positions in Cytokinetics, with Deep Track Capital LP increasing its holdings by 296.9% in the previous quarter.
• Cytokinetics reported earnings per share of ($1.36), surpassing analyst expectations, with a quarterly revenue rise of 89.1% compared to the same period last year.

Westfield Capital Management Co. LP increased its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 2.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,310,336 shares of the biopharmaceutical company's stock after acquiring an additional 30,346 shares during the period. Westfield Capital Management Co. LP owned approximately 1.10% of Cytokinetics worth $52,662,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CYTK. Raymond James Financial Inc. bought a new stake in shares of Cytokinetics during the fourth quarter valued at approximately $254,000. LPL Financial LLC increased its position in Cytokinetics by 6.6% in the 4th quarter. LPL Financial LLC now owns 13,988 shares of the biopharmaceutical company's stock valued at $658,000 after acquiring an additional 870 shares during the period. Franklin Resources Inc. raised its stake in Cytokinetics by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 545,813 shares of the biopharmaceutical company's stock valued at $25,675,000 after acquiring an additional 9,366 shares in the last quarter. Headlands Technologies LLC acquired a new position in Cytokinetics during the 4th quarter worth $97,000. Finally, Federated Hermes Inc. boosted its position in Cytokinetics by 10.6% during the 4th quarter. Federated Hermes Inc. now owns 37,101 shares of the biopharmaceutical company's stock worth $1,745,000 after acquiring an additional 3,546 shares during the period.

Insider Buying and Selling

In related news, Director Muna Bhanji sold 1,454 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $29.73, for a total value of $43,227.42. Following the completion of the transaction, the director owned 23,510 shares of the company's stock, valued at approximately $698,952.30. This trade represents a 5.82% 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 8,659 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $32.04, for a total transaction of $277,434.36. Following the sale, the executive vice president directly owned 52,028 shares in the company, valued at approximately $1,666,977.12. This trade represents a 14.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,749 shares of company stock valued at $1,350,617. Company insiders own 2.70% of the company's stock.

Cytokinetics Trading Down 3.2%

Shares of NASDAQ CYTK traded down $1.14 during mid-day trading on Friday, reaching $34.11. The company had a trading volume of 2,104,845 shares, compared to its average volume of 1,746,577. The company has a 50-day moving average price of $34.82 and a two-hundred day moving average price of $38.84. The stock has a market cap of $4.07 billion, a PE ratio of -6.45 and a beta of 0.64. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $59.39.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, beating analysts' consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million during the quarter, compared to analyst estimates of $1.95 million. The company's revenue for the quarter was up 26727.3% compared to the same quarter last year. During the same quarter last year, the business earned ($1.31) EPS. On average, research analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC restated a "buy" rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Wednesday, May 14th. Bank of America lowered their target price on shares of Cytokinetics from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Barclays reduced their price target on shares of Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Royal Bank Of Canada lowered their price objective on shares of Cytokinetics from $82.00 to $80.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Finally, Raymond James Financial assumed coverage on Cytokinetics in a research report on Wednesday, July 30th. They issued a "market perform" rating for the company. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $70.92.

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.