Granahan Investment Management LLC Has $4.78 Million Stock Holdings in Cytokinetics, Incorporated $CYTK

Granahan Investment Management LLC trimmed its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 11.8% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 72,464 shares of the biopharmaceutical company’s stock after selling 9,657 shares during the period. Granahan Investment Management LLC owned about 0.06% of Cytokinetics worth $4,776,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Cytokinetics by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after acquiring an additional 191,336 shares during the period. State Street Corp increased its position in Cytokinetics by 3.7% in the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock worth $370,139,000 after purchasing an additional 207,961 shares during the period. Deep Track Capital LP raised its holdings in Cytokinetics by 17.8% during the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after purchasing an additional 650,000 shares during the last quarter. Geode Capital Management LLC raised its holdings in Cytokinetics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock worth $194,214,000 after purchasing an additional 15,815 shares during the last quarter. Finally, Vestal Point Capital LP lifted its position in Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after purchasing an additional 384,469 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Citigroup began coverage on shares of Cytokinetics in a research note on Monday, May 18th. They set a “buy” rating and a $99.00 price target for the company. UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $69.00 to $115.00 in a report on Monday, June 29th. Royal Bank Of Canada reduced their price objective on shares of Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 7th. Finally, Stifel Nicolaus lifted their target price on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $99.90.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 15,857 shares of Cytokinetics stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $65.00, for a total value of $1,030,705.00. Following the transaction, the executive vice president owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. The trade was a 21.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $70.46, for a total transaction of $528,450.00. Following the completion of the transaction, the chief executive officer owned 385,330 shares of the company’s stock, valued at $27,150,351.80. This trade represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 132,036 shares of company stock valued at $9,816,694 over the last quarter. 2.60% of the stock is owned by insiders.

Cytokinetics Trading Down 1.4%

NASDAQ:CYTK opened at $80.74 on Friday. Cytokinetics, Incorporated has a 1 year low of $32.89 and a 1 year high of $88.31. The stock has a market cap of $10.05 billion, a price-to-earnings ratio of -11.80 and a beta of 0.42. The stock has a 50-day moving average price of $78.54 and a two-hundred day moving average price of $69.83.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. The firm’s revenue was up 1112.5% compared to the same quarter last year. During the same quarter last year, the company earned ($1.36) earnings per share. Sell-side analysts forecast that Cytokinetics, Incorporated will post -6.2 earnings per share for the current year.

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.