Cytokinetics, Incorporated $CYTK Shares Sold by Melqart Asset Management UK Ltd

Melqart Asset Management UK Ltd reduced its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 40.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 783,774 shares of the biopharmaceutical company’s stock after selling 542,945 shares during the period. Cytokinetics accounts for 5.7% of Melqart Asset Management UK Ltd’s investment portfolio, making the stock its 4th biggest holding. Melqart Asset Management UK Ltd owned 0.64% of Cytokinetics worth $43,076,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. iSAM Funds UK Ltd bought a new stake in Cytokinetics in the third quarter worth approximately $287,000. Quinn Opportunity Partners LLC raised its holdings in Cytokinetics by 40.4% during the third quarter. Quinn Opportunity Partners LLC now owns 273,661 shares of the biopharmaceutical company’s stock valued at $15,040,000 after buying an additional 78,722 shares in the last quarter. Glenmede Investment Management LP acquired a new stake in shares of Cytokinetics in the third quarter worth about $604,000. Pathstone Holdings LLC lifted its position in shares of Cytokinetics by 55.1% in the third quarter. Pathstone Holdings LLC now owns 38,278 shares of the biopharmaceutical company’s stock worth $2,104,000 after buying an additional 13,600 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Cytokinetics by 743.3% during the 3rd quarter. Marshall Wace LLP now owns 178,980 shares of the biopharmaceutical company’s stock worth $9,837,000 after acquiring an additional 157,755 shares in the last quarter.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK opened at $60.06 on Friday. The stock’s 50-day moving average is $63.92 and its 200-day moving average is $60.26. The company has a market cap of $7.40 billion, a P/E ratio of -9.20 and a beta of 0.56. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $70.98.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The company had revenue of $17.76 million during the quarter, compared to analysts’ expectations of $8.02 million. During the same period last year, the firm posted ($1.26) EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CYTK. Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a report on Monday, December 22nd. Robert W. Baird set a $84.00 target price on Cytokinetics in a research report on Tuesday. HC Wainwright increased their price target on Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a report on Monday, December 22nd. UBS Group lifted their price target on shares of Cytokinetics from $61.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, March 6th. Finally, Needham & Company LLC boosted their price objective on shares of Cytokinetics from $84.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Seventeen equities 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.00.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 7,931 shares of the firm’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $60.72, for a total value of $481,570.32. Following the sale, the chief executive officer owned 391,673 shares in the company, valued at approximately $23,782,384.56. This trade represents a 1.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Wendell Wierenga sold 20,000 shares of the business’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the transaction, the director directly owned 32,444 shares in the company, valued at $2,145,846.16. This trade represents a 38.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 96,113 shares of company stock valued at $5,994,726. Corporate insiders own 2.70% of the company’s stock.

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.