Cytokinetics, Incorporated $CYTK Stock Position Increased by Zimmer Partners LP

Key Points

• Zimmer Partners LP significantly increased its stake in Cytokinetics, Incorporated by 116.1%, acquiring an additional 44,132 shares to own a total of 82,132 shares worth approximately $3.3 million.
• Cytokinetics reported a surprising earnings per share of ($1.12), beating estimates, with revenue soaring to $66.77 million, compared to expected revenue of only $1.95 million.
• Recent analyst activity shows varying price targets for Cytokinetics, with Barclays raising its target to $71.00 while JPMorgan reduced it to <$53.00>, indicating a range of positive sentiment regarding the stock.

Zimmer Partners LP lifted its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 116.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 82,132 shares of the biopharmaceutical company's stock after buying an additional 44,132 shares during the quarter. Zimmer Partners LP owned approximately 0.07% of Cytokinetics worth $3,301,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in CYTK. Fifth Third Bancorp lifted its stake in Cytokinetics by 42.2% during the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 291 shares during the last quarter. Parallel Advisors LLC lifted its stake in Cytokinetics by 500.5% during the first quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock worth $44,000 after purchasing an additional 916 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Cytokinetics by 281.0% in the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock valued at $45,000 after acquiring an additional 826 shares during the period. UMB Bank n.a. boosted its holdings in shares of Cytokinetics by 91.4% in the first quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock valued at $46,000 after acquiring an additional 552 shares during the period. Finally, Assetmark Inc. boosted its holdings in shares of Cytokinetics by 11,510.0% in the first quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock valued at $47,000 after acquiring an additional 1,151 shares during the period.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK traded down $2.19 during trading on Friday, reaching $51.13. 1,896,732 shares of the stock were exchanged, compared to its average volume of 2,601,949. The firm has a market cap of $6.12 billion, a price-to-earnings ratio of -10.03 and a beta of 0.62. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $59.39. The firm's 50-day moving average price is $39.45 and its 200 day moving average price is $37.86.

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

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Citigroup upped their price target on Cytokinetics from $77.00 to $84.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Raymond James Financial began coverage on Cytokinetics in a research report on Wednesday, July 30th. They issued a "market perform" rating for the company. JMP Securities reiterated a "market outperform" rating and issued a $78.00 price objective on shares of Cytokinetics in a research report on Tuesday, September 2nd. Barclays increased their price objective on Cytokinetics from $53.00 to $71.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Finally, Wall Street Zen upgraded Cytokinetics from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Cytokinetics has a consensus rating of "Moderate Buy" and a consensus price target of $75.38.

Insider Transactions at Cytokinetics

In related news, CEO Robert I. Blum sold 5,000 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $38.15, for a total transaction of $190,750.00. Following the completion of the transaction, the chief executive officer owned 393,108 shares in the company, valued at $14,997,070.20. The trade was a 1.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $51.29, for a total value of $102,580.00. Following the transaction, the executive vice president owned 140,610 shares of the company's stock, valued at $7,211,886.90. This represents a 1.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,756 shares of company stock worth $1,274,140. 2.70% of the stock is currently owned by corporate insiders.

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.