Seven Fleet Capital Management LP Grows Position in Cytokinetics, Incorporated $CYTK

Seven Fleet Capital Management LP increased its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 93.0% in the second quarter, Holdings Channel reports. The firm owned 118,240 shares of the biopharmaceutical company’s stock after buying an additional 56,971 shares during the period. Cytokinetics comprises 1.7% of Seven Fleet Capital Management LP’s investment portfolio, making the stock its 12th largest holding. Seven Fleet Capital Management LP’s holdings in Cytokinetics were worth $10,073,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. State Street Corp boosted its stake in 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 buying an additional 207,961 shares during the period. Deep Track Capital LP raised its stake in shares of Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after acquiring an additional 650,000 shares during the period. Geode Capital Management LLC boosted its position in shares of 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 period. Vestal Point Capital LP boosted its position in shares of Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after purchasing an additional 384,469 shares during the period. Finally, Woodline Partners LP increased its holdings in Cytokinetics by 676.1% in the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock valued at $90,559,000 after purchasing an additional 1,435,422 shares during the last quarter.

Insider Buying and Selling

In other news, EVP Andrew Callos sold 10,000 shares of Cytokinetics stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $70.24, for a total value of $702,400.00. Following the completion of the transaction, the executive vice president owned 58,555 shares in the company, valued at approximately $4,112,903.20. This trade represents a 14.59% decrease in their position. The sale was disclosed in a filing 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, CEO Robert I. Blum sold 7,500 shares of the business’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $70.24, for a total value of $526,800.00. Following the transaction, the chief executive officer directly owned 377,820 shares of the company’s stock, valued at approximately $26,538,076.80. This represents a 1.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 110,746 shares of company stock worth $8,685,477 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently commented on CYTK shares. Truist Financial raised their price target on Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. HC Wainwright reiterated a “buy” rating and issued a $140.00 price objective on shares of Cytokinetics in a report on Monday, August 31st. Citizens Jmp increased their target price on Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. raised their target price on Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. Finally, Wall Street Zen downgraded Cytokinetics from a “hold” rating to a “sell” rating in a research report on Saturday, August 29th. Eighteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.37.

Cytokinetics Trading Down 1.7%

Shares of NASDAQ CYTK opened at $72.72 on Friday. The stock has a market cap of $9.05 billion, a P/E ratio of -10.07 and a beta of 0.36. Cytokinetics, Incorporated has a 12-month low of $47.22 and a 12-month high of $88.31. The business’s fifty day simple moving average is $79.27 and its 200-day simple moving average is $72.47.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.63) by $0.13. The company had revenue of $28.62 million during the quarter, compared to analysts’ expectations of $17.59 million. During the same quarter last year, the business posted ($1.12) earnings per share. The company’s revenue for the quarter was down 57.1% on a year-over-year basis. On average, equities analysts forecast that Cytokinetics, Incorporated will post -5.98 EPS for the current fiscal year.

About Cytokinetics

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.