First Turn Management LLC Has $20.69 Million Stake in Cytokinetics, Incorporated $CYTK

First Turn Management LLC lifted its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 27.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 325,668 shares of the biopharmaceutical company’s stock after purchasing an additional 70,873 shares during the quarter. Cytokinetics accounts for 2.4% of First Turn Management LLC’s investment portfolio, making the stock its 21st largest holding. First Turn Management LLC’s holdings in Cytokinetics were worth $20,693,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CYTK. Millennium Management LLC raised its position in shares of Cytokinetics by 361.9% during the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after purchasing an additional 225,576 shares during the period. Cetera Investment Advisers raised its position in shares of Cytokinetics by 12.4% during the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock worth $219,000 after purchasing an additional 731 shares during the period. EverSource Wealth Advisors LLC raised 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 purchasing an additional 673 shares during the period. Gabelli Funds LLC raised its position in shares of Cytokinetics by 29.4% during the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock worth $278,000 after purchasing an additional 1,910 shares during the period. Finally, California Public Employees Retirement System raised its position in shares of Cytokinetics by 10.8% during the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock worth $4,712,000 after purchasing an additional 13,911 shares during the period.

Insider Activity

In other news, EVP Fady Ibraham Malik sold 12,033 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $747,850.95. Following the completion of the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at $9,565,009.30. This trade represents a 7.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Andrew Callos sold 15,857 shares of the firm’s stock in a transaction 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 sale, the executive vice president directly 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. 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 a total of 171,989 shares of company stock valued at $11,393,064 over the last three months. Corporate insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

CYTK has been the topic of a number of research reports. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Citizens Jmp upped their target price on Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research report on Wednesday, February 25th. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. 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. Finally, Royal Bank Of Canada upped their price target on Cytokinetics from $101.00 to $119.00 and gave the stock an “outperform” rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Cytokinetics Trading Up 1.3%

Shares of Cytokinetics stock opened at $70.15 on Friday. The stock has a fifty day simple moving average of $70.40 and a 200 day simple moving average of $66.06. Cytokinetics, Incorporated has a 12-month low of $31.99 and a 12-month high of $80.20. The company has a market capitalization of $8.73 billion, a P/E ratio of -10.26 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. Cytokinetics’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.36) EPS. On average, analysts predict that Cytokinetics, Incorporated will post -6.29 EPS for the current 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.