PSP Research LLC Makes New Investment in Cytokinetics, Incorporated $CYTK

PSP Research LLC acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 8,313 shares of the biopharmaceutical company’s stock, valued at approximately $528,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. TD Waterhouse Canada Inc. purchased a new stake in shares of Cytokinetics during the fourth quarter worth about $32,000. Quarry LP acquired a new position in Cytokinetics in the third quarter valued at approximately $30,000. Advisory Services Network LLC acquired a new position in Cytokinetics in the third quarter valued at approximately $32,000. Johnson Financial Group Inc. acquired a new position in shares of Cytokinetics during the third quarter worth approximately $40,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 673 shares during the period.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $77.37, for a total transaction of $270,795.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares in the company, valued at approximately $11,907,397.74. This trade represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the sale, the executive vice president owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. This represents a 21.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 177,476 shares of company stock valued at $11,294,769 over the last three months. 2.60% of the stock is owned by corporate insiders.

Cytokinetics Stock Up 1.7%

Shares of NASDAQ:CYTK opened at $76.45 on Wednesday. The company’s fifty day moving average is $66.51 and its two-hundred day moving average is $64.83. Cytokinetics, Incorporated has a 12-month low of $29.81 and a 12-month high of $80.20. The company has a market cap of $9.51 billion, a P/E ratio of -11.18 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. During the same period last year, the firm earned ($1.36) earnings per share. Cytokinetics’s revenue for the quarter was up 1112.5% compared to the same quarter last year. Equities research analysts anticipate that Cytokinetics, Incorporated will post -6.27 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on CYTK. Royal Bank Of Canada upped their target price on Cytokinetics from $101.00 to $119.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. Bank of America restated a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. B. Riley Financial upped their target price on Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Wells Fargo & Company upped their price target on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $99.30.

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.