Carlson Capital L.P. Sells 6,600 Shares of Cytokinetics, Incorporated $CYTK

Carlson Capital L.P. reduced its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 42.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,000 shares of the biopharmaceutical company’s stock after selling 6,600 shares during the quarter. Carlson Capital L.P.’s holdings in Cytokinetics were worth $593,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CYTK. Kemnay Advisory Services Inc. bought a new stake in Cytokinetics during the 4th quarter valued at $27,000. Kestra Advisory Services LLC bought a new position in shares of Cytokinetics in the fourth quarter worth $29,000. TD Waterhouse Canada Inc. bought a new position in shares of Cytokinetics in the fourth quarter worth $32,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after purchasing an additional 171 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of Cytokinetics in the third quarter valued at $30,000.

Cytokinetics Trading Down 4.1%

Shares of CYTK opened at $77.13 on Friday. Cytokinetics, Incorporated has a 12-month low of $32.89 and a 12-month high of $88.31. The company has a market cap of $9.60 billion, a PE ratio of -11.28 and a beta of 0.42. The stock has a 50-day moving average price of $78.75 and a 200-day moving average price of $70.39.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. The firm’s revenue for the quarter was up 1112.5% on a year-over-year basis. During the same quarter last year, the company posted ($1.36) earnings per share. As a group, analysts predict that Cytokinetics, Incorporated will post -6.2 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on CYTK shares. JPMorgan Chase & Co. raised their target price on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Needham & Company LLC reiterated a “buy” rating and set a $102.00 price target on shares of Cytokinetics in a research report on Wednesday, June 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Friday, July 17th. UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $69.00 to $115.00 in a research report on Monday, June 29th. Finally, Wells Fargo & Company boosted their price objective on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and a consensus target price of $99.90.

Trending Headlines about Cytokinetics

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: UK approval and reimbursement support: The Medicines and Healthcare products Regulatory Agency authorized MYQORZO® (aficamten) across the United Kingdom for eligible adults with symptomatic obstructive hypertrophic cardiomyopathy. NICE also recommended aficamten for use in England and Wales, potentially expanding access to roughly 6,600 NHS patients. Commercial availability is expected later this year, creating a potential new revenue stream. Cytokinetics wins UK approval, NICE backing for heart disease drug
• Positive Sentiment: Encouraging clinical evidence: The UK decisions were supported by the phase 3 SEQUOIA-HCM trial, in which aficamten significantly improved peak oxygen uptake versus placebo. This strengthens the commercial case for the company’s lead cardiovascular drug. Cytokinetics announces MHRA authorization and NICE guidance
• Positive Sentiment: Generally favorable analyst view: Brokerages maintain a consensus “Moderate Buy” rating, with a reported average price target near $99.90, above recent trading levels. Some firms have set targets between $105 and $118. Cytokinetics receives Moderate Buy consensus rating
• Neutral Sentiment: Upcoming earnings catalyst: Analysts expect CYTK could exceed estimates in its upcoming second-quarter report. However, Cytokinetics remains unprofitable, and its prior quarter reported a loss of $1.67 per share despite revenue exceeding expectations. Cytokinetics earnings expectations
• Negative Sentiment: Continued insider selling: EVP Andrew Callos sold 14,000 shares worth approximately $1.12 million, reducing his ownership by 19.3%. The sale was made under a pre-arranged Rule 10b5-1 plan, limiting its value as a discretionary bearish signal, but it follows a broader pattern of insider sales without reported purchases in recent months. SEC insider trading filing

Insider Transactions at Cytokinetics

In other news, EVP Andrew Callos sold 15,000 shares of Cytokinetics stock in a transaction on Monday, June 1st. The shares were sold at an average price of $74.08, for a total transaction of $1,111,200.00. Following the completion of the sale, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $4,337,754.40. The trade was a 20.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the transaction, the director directly owned 15,784 shares in the company, valued at approximately $1,169,278.72. This represents a 24.06% 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 118,679 shares of company stock valued at $9,396,849 in the last quarter. Insiders own 2.60% of the company’s stock.

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.