Seven Fleet Capital Management LP Boosts Stake in Cytokinetics, Incorporated $CYTK

Seven Fleet Capital Management LP increased its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 492.8% during the first quarter, HoldingsChannel reports. The fund owned 61,269 shares of the biopharmaceutical company’s stock after buying an additional 50,934 shares during the period. Cytokinetics comprises approximately 1.3% of Seven Fleet Capital Management LP’s investment portfolio, making the stock its 20th biggest holding. Seven Fleet Capital Management LP’s holdings in Cytokinetics were worth $4,038,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CYTK. Vanguard Group Inc. lifted its holdings in Cytokinetics by 1.6% in 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 grew its stake in shares of Cytokinetics by 3.7% during the 4th 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 grew its stake in shares of 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 period. Geode Capital Management LLC increased its holdings in shares of Cytokinetics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after purchasing an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP lifted its stake 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.

Insider Activity at Cytokinetics

In related news, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the transaction, the director owned 15,784 shares of the company’s stock, valued at approximately $1,169,278.72. The trade was a 24.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $74.08, for a total transaction of $1,111,200.00. Following the completion of the transaction, the executive vice president owned 58,555 shares in the company, valued at approximately $4,337,754.40. This trade represents a 20.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 118,679 shares of company stock valued at $9,396,849. 2.60% of the stock is owned by insiders.

Trending Headlines about Cytokinetics

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: UK approval and reimbursement support: The Medicines and Healthcare products Regulatory Agency authorized MYQORZO® (aficamten) across the United Kingdom for eligible adults with symptomatic obstructive hypertrophic cardiomyopathy. NICE also recommended aficamten for use in England and Wales, potentially expanding access to roughly 6,600 NHS patients. Commercial availability is expected later this year, creating a potential new revenue stream. Cytokinetics wins UK approval, NICE backing for heart disease drug
• Positive Sentiment: Encouraging clinical evidence: The UK decisions were supported by the phase 3 SEQUOIA-HCM trial, in which aficamten significantly improved peak oxygen uptake versus placebo. This strengthens the commercial case for the company’s lead cardiovascular drug. Cytokinetics announces MHRA authorization and NICE guidance
• Positive Sentiment: Generally favorable analyst view: Brokerages maintain a consensus “Moderate Buy” rating, with a reported average price target near $99.90, above recent trading levels. Some firms have set targets between $105 and $118. Cytokinetics receives Moderate Buy consensus rating
• Neutral Sentiment: Upcoming earnings catalyst: Analysts expect CYTK could exceed estimates in its upcoming second-quarter report. However, Cytokinetics remains unprofitable, and its prior quarter reported a loss of $1.67 per share despite revenue exceeding expectations. Cytokinetics earnings expectations
• Negative Sentiment: Continued insider selling: EVP Andrew Callos sold 14,000 shares worth approximately $1.12 million, reducing his ownership by 19.3%. The sale was made under a pre-arranged Rule 10b5-1 plan, limiting its value as a discretionary bearish signal, but it follows a broader pattern of insider sales without reported purchases in recent months. SEC insider trading filing

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CYTK shares. UBS Group raised shares of Cytokinetics from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $69.00 to $115.00 in a report on Monday, June 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Friday, July 17th. Mizuho lifted their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, June 24th. Wells Fargo & Company boosted their price target on Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, Morgan Stanley upped their price target on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” 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, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $99.90.

Cytokinetics Stock Performance

Cytokinetics stock opened at $77.13 on Friday. Cytokinetics, Incorporated has a fifty-two week low of $32.89 and a fifty-two week high of $88.31. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of -11.28 and a beta of 0.42. The stock has a fifty day moving average of $78.75 and a two-hundred day moving average of $70.39.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data 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 company had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. The firm’s revenue was up 1112.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.36) earnings per share. On average, analysts forecast that Cytokinetics, Incorporated will post -6.2 EPS 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.