Siren L.L.C. Acquires Shares of 613,952 Cytokinetics, Incorporated $CYTK

Siren L.L.C. acquired a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 613,952 shares of the biopharmaceutical company’s stock, valued at approximately $40,466,000. Cytokinetics comprises about 1.1% of Siren L.L.C.’s portfolio, making the stock its 25th largest position.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC lifted its position in Cytokinetics by 361.9% during the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock valued at $11,571,000 after purchasing an additional 225,576 shares during the period. Cetera Investment Advisers grew its position in Cytokinetics by 12.4% during the 2nd 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 stake in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 673 shares during the last quarter. Gabelli Funds LLC raised its stake in shares of Cytokinetics by 29.4% during the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock valued at $278,000 after buying an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings in shares of Cytokinetics by 10.8% in the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock valued at $4,712,000 after buying an additional 13,911 shares during the period.

Cytokinetics Stock Down 0.3%

NASDAQ:CYTK opened at $81.92 on Friday. Cytokinetics, Incorporated has a 52 week low of $32.89 and a 52 week high of $88.31. The stock has a market capitalization of $10.19 billion, a PE ratio of -11.98 and a beta of 0.42. The stock’s 50-day moving average price is $78.44 and its 200-day moving average price is $69.76.

Cytokinetics (NASDAQ:CYTK) last released its quarterly 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 analyst estimates of $8.52 million. The business’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.36) EPS. Sell-side analysts expect that Cytokinetics, Incorporated will post -6.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on CYTK. Needham & Company LLC restated a “buy” rating and issued a $102.00 target price on shares of Cytokinetics in a research note on Wednesday, June 17th. Citigroup assumed coverage on Cytokinetics in a research report on Monday, May 18th. They set a “buy” rating and a $99.00 price target for the company. Mizuho boosted their price target on Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. Wells Fargo & Company upped their price objective on Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, Morgan Stanley lifted their target price on shares of Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $99.90.

Insiders Place Their Bets

In other news, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total transaction of $370,400.00. Following the transaction, the director owned 15,784 shares in the company, valued at $1,169,278.72. This trade represents a 24.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sung Lee sold 1,112 shares of Cytokinetics stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total transaction of $97,622.48. Following the completion of the sale, the executive vice president directly owned 63,221 shares in the company, valued at $5,550,171.59. This represents a 1.73% 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. Over the last three months, insiders sold 132,036 shares of company stock valued at $9,816,694. 2.60% of the stock is owned by insiders.

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.