Foresite Capital Management IV LLC Invests $25.19 Million in Cytokinetics, Incorporated $CYTK

Foresite Capital Management IV LLC acquired a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK) in the third quarter, Holdings Channel.com reports. The fund acquired 458,295 shares of the biopharmaceutical company’s stock, valued at approximately $25,188,000. Cytokinetics makes up approximately 13.8% of Foresite Capital Management IV LLC’s portfolio, making the stock its 2nd largest position.

Other hedge funds have also recently bought and sold shares of the company. UMB Bank n.a. boosted its holdings in Cytokinetics by 10.6% during the 3rd quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock valued at $97,000 after acquiring an additional 169 shares during the period. Fifth Third Bancorp increased its stake in Cytokinetics by 32.3% during the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 262 shares during the period. Thrivent Financial for Lutherans lifted its position in shares of Cytokinetics by 1.6% during the second quarter. Thrivent Financial for Lutherans now owns 28,119 shares of the biopharmaceutical company’s stock worth $929,000 after purchasing an additional 449 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of Cytokinetics by 68.4% during the third quarter. Farther Finance Advisors LLC now owns 1,115 shares of the biopharmaceutical company’s stock worth $61,000 after purchasing an additional 453 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Cytokinetics by 1.6% in the third quarter. Arizona State Retirement System now owns 33,546 shares of the biopharmaceutical company’s stock valued at $1,844,000 after purchasing an additional 527 shares during the period.

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 7,931 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 391,673 shares in the company, valued at $23,782,384.56. This represents a 1.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Wendell Wierenga sold 20,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director directly owned 32,444 shares in the company, valued at approximately $2,145,846.16. The trade was a 38.14% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 96,113 shares of company stock valued at $5,994,726. 3.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on CYTK. HC Wainwright lifted their price objective on shares of Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a report on Monday, December 22nd. Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a research report on Monday, December 22nd. Jefferies Financial Group restated a “buy” rating and issued a $90.00 price target on shares of Cytokinetics in a research note on Friday, January 9th. The Goldman Sachs Group set a $95.00 price objective on Cytokinetics and gave the stock a “buy” rating in a research report on Thursday, December 18th. Finally, Robert W. Baird set a $84.00 target price on Cytokinetics in a report on Tuesday, March 10th. Seventeen investment 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. Based on data from MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.00.

Cytokinetics Price Performance

Cytokinetics stock opened at $60.06 on Monday. The stock has a market cap of $7.40 billion, a PE ratio of -9.20 and a beta of 0.56. The stock’s fifty day moving average is $63.92 and its two-hundred day moving average is $60.57. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $70.98.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The firm had revenue of $17.76 million during the quarter, compared to analyst estimates of $8.02 million. During the same quarter in the prior year, the firm posted ($1.26) EPS. The business’s revenue was up 4.9% on a year-over-year basis. On average, research analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

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.