Granahan Investment Management LLC Has $5.22 Million Stock Holdings in Cytokinetics, Incorporated $CYTK

Granahan Investment Management LLC lifted its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 53.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 82,121 shares of the biopharmaceutical company’s stock after purchasing an additional 28,571 shares during the period. Granahan Investment Management LLC owned approximately 0.07% of Cytokinetics worth $5,218,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Cytokinetics during the fourth quarter worth $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Cytokinetics during the fourth quarter worth $29,000. TD Waterhouse Canada Inc. acquired a new stake in shares of Cytokinetics during the fourth quarter worth $32,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Cytokinetics by 46.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after purchasing an additional 171 shares during the period. Finally, Quarry LP acquired a new stake in shares of Cytokinetics during the third quarter worth $30,000.

Insider Activity at Cytokinetics

In other news, Director Edward M. Md Kaye sold 2,933 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $76.09, for a total transaction of $223,171.97. Following the completion of the sale, the director owned 10,283 shares in the company, valued at approximately $782,433.47. This represents a 22.19% decrease in their position. The transaction was disclosed in a legal filing 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 stock was sold at an average price of $74.08, for a total value of $1,111,200.00. Following the sale, the executive vice president owned 58,555 shares of the company’s stock, valued at approximately $4,337,754.40. This trade represents a 20.39% 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 have sold a total of 113,739 shares of company stock worth $7,837,220 in the last 90 days. Insiders own 2.60% of the company’s stock.

Cytokinetics Stock Performance

CYTK opened at $75.21 on Wednesday. The company has a market cap of $9.36 billion, a PE ratio of -11.00 and a beta of 0.42. The stock has a 50-day moving average of $70.67 and a 200-day moving average of $66.13. Cytokinetics, Incorporated has a 52-week low of $31.99 and a 52-week high of $80.20.

Cytokinetics (NASDAQ:CYTK) last released 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 company had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. The business’s revenue was up 1112.5% compared to the same quarter last year. During the same quarter last year, the company posted ($1.36) EPS. On average, research analysts predict that Cytokinetics, Incorporated will post -6.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Bank of America reiterated a “neutral” rating on shares of Cytokinetics in a report on Wednesday, February 25th. Citigroup assumed coverage on Cytokinetics in a report on Monday, May 18th. They set a “buy” rating and a $99.00 price target on the stock. Barclays lifted their price target on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, April 6th. Royal Bank Of Canada lifted their price target on Cytokinetics from $101.00 to $119.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Finally, Robert W. Baird set a $84.00 price target on Cytokinetics in a report on Tuesday, March 10th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.30.

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.