SummitTX Capital L.P. Takes $3.28 Million Position in Cytokinetics, Incorporated $CYTK

SummitTX Capital L.P. acquired a new stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 49,711 shares of the biopharmaceutical company’s stock, valued at approximately $3,276,000.

A number of other hedge funds have also recently bought and sold shares of CYTK. Vanguard Group Inc. raised its holdings in Cytokinetics by 1.6% in the 4th 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 last quarter. State Street Corp boosted its holdings in shares of Cytokinetics by 3.7% during 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 last quarter. Deep Track Capital LP boosted its holdings in shares of Cytokinetics by 17.8% during the third 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 boosted its holdings in shares of Cytokinetics by 0.5% during the fourth 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 grew its position in shares of Cytokinetics by 14.8% in the second 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

CYTK has been the subject of several analyst reports. Morgan Stanley upped their target price on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Truist Financial set a $106.00 price target on Cytokinetics in a research note on Tuesday, May 5th. Wells Fargo & Company lifted 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research note on Friday, July 17th. Finally, Barclays increased their price objective on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $99.90.

Cytokinetics Stock Down 1.5%

Shares of NASDAQ CYTK opened at $79.45 on Wednesday. The stock has a market capitalization of $9.89 billion, a PE ratio of -11.62 and a beta of 0.42. The firm has a fifty day moving average of $78.70 and a 200-day moving average of $70.11. Cytokinetics, Incorporated has a 52-week low of $32.89 and a 52-week high of $88.31.

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

Insider Transactions at Cytokinetics

In other news, EVP Andrew Callos sold 15,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $85.80, for a total transaction of $1,287,000.00. Following the completion of the sale, the executive vice president owned 58,555 shares in the company, valued at approximately $5,024,019. The trade was a 20.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the business’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $80.59, for a total value of $282,065.00. Following the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at $12,402,962.18. The trade was a 2.22% 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. Over the last ninety days, insiders have sold 135,536 shares of company stock valued at $10,258,134. Insiders own 2.60% of the company’s stock.

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.