Creek Drive Management Group LLC Makes New $635,000 Investment in Cytokinetics, Incorporated $CYTK

Creek Drive Management Group LLC bought a new stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 10,000 shares of the biopharmaceutical company’s stock, valued at approximately $635,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rockefeller Capital Management L.P. boosted its stake in Cytokinetics by 842.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock valued at $41,000 after acquiring an additional 573 shares during the last quarter. Corient Private Wealth LLC raised its stake in shares of Cytokinetics by 46.4% in the 4th quarter. Corient Private Wealth LLC now owns 7,044 shares of the biopharmaceutical company’s stock valued at $447,000 after purchasing an additional 2,231 shares in the last quarter. Seven Fleet Capital Management LP bought a new position in shares of Cytokinetics during the fourth quarter worth about $657,000. Alpine Global Management LLC bought a new position in shares of Cytokinetics during the fourth quarter worth about $381,000. Finally, Pacer Advisors Inc. grew its stake in Cytokinetics by 76.5% in the fourth quarter. Pacer Advisors Inc. now owns 27,783 shares of the biopharmaceutical company’s stock worth $1,765,000 after purchasing an additional 12,043 shares in the last quarter.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $59.62, for a total value of $447,150.00. Following the completion of the transaction, the chief executive officer owned 407,830 shares of the company’s stock, valued at approximately $24,314,824.60. This represents a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 transaction, the executive vice president directly owned 58,555 shares in the company, valued at $3,806,075. This trade represents a 21.31% 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 113,739 shares of company stock worth $7,837,220. 2.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CYTK shares. Citigroup assumed coverage on Cytokinetics in a report on Monday, May 18th. They issued a “buy” rating and a $99.00 price objective for the company. UBS Group set a $119.00 price objective on Cytokinetics in a research note on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price objective on shares of Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Stifel Nicolaus raised their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Two research 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 assigned a Sell rating to the stock. According to MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Cytokinetics Stock Performance

CYTK opened at $78.78 on Friday. The business’s 50 day moving average is $71.45 and its 200-day moving average is $66.36. The stock has a market cap of $9.80 billion, a PE ratio of -11.52 and a beta of 0.42. Cytokinetics, Incorporated has a twelve month low of $31.99 and a twelve month high of $80.20.

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, hitting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. The business’s quarterly revenue was up 1112.5% compared to the same quarter last year. During the same period last year, the company earned ($1.36) earnings per share. As a group, analysts forecast that Cytokinetics, Incorporated will post -6.29 EPS for the current year.

Cytokinetics 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.