HighVista Strategies LLC Acquires 64,278 Shares of Cytokinetics, Incorporated $CYTK

HighVista Strategies LLC lifted its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 93.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 132,930 shares of the biopharmaceutical company’s stock after purchasing an additional 64,278 shares during the quarter. Cytokinetics comprises about 1.8% of HighVista Strategies LLC’s investment portfolio, making the stock its 11th biggest position. HighVista Strategies LLC owned about 0.11% of Cytokinetics worth $7,306,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. increased its position in Cytokinetics by 10.6% in the third quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock worth $97,000 after purchasing an additional 169 shares during the last quarter. Fifth Third Bancorp increased its stake in Cytokinetics by 32.3% during the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after acquiring an additional 262 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Cytokinetics by 1.6% during the second quarter. Thrivent Financial for Lutherans now owns 28,119 shares of the biopharmaceutical company’s stock valued at $929,000 after purchasing an additional 449 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Cytokinetics by 68.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,115 shares of the biopharmaceutical company’s stock valued at $61,000 after purchasing an additional 453 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in shares of Cytokinetics by 1.6% in the 3rd quarter. Arizona State Retirement System now owns 33,546 shares of the biopharmaceutical company’s stock worth $1,844,000 after purchasing an additional 527 shares during the period.

Cytokinetics Stock Up 0.1%

Shares of NASDAQ:CYTK opened at $60.06 on Monday. The business’s 50 day moving average is $63.92 and its 200 day moving average is $60.57. The stock has a market cap of $7.40 billion, a P/E ratio of -9.20 and a beta of 0.56. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $70.98.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The business had revenue of $17.76 million during the quarter, compared to analyst estimates of $8.02 million. During the same period in the previous year, the business posted ($1.26) earnings per share. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Barclays began coverage on shares of Cytokinetics in a research note on Wednesday, January 28th. They issued an “overweight” rating and a $87.00 target price on the stock. Truist Financial increased their price target on Cytokinetics from $84.00 to $92.00 and gave the stock a “buy” rating in a report on Tuesday, February 3rd. HC Wainwright raised their price target on Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Needham & Company LLC upped their price objective on Cytokinetics from $84.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Finally, The Goldman Sachs Group set a $95.00 target price on Cytokinetics and gave the stock a “buy” rating in a research report on Thursday, December 18th. Seventeen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and an average price target of $89.00.

Insider Transactions at Cytokinetics

In other news, EVP Andrew Callos sold 26,000 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $61.87, for a total value of $1,608,620.00. Following the completion of the sale, the executive vice president owned 50,440 shares in the company, valued at approximately $3,120,722.80. The trade was a 34.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Wendell Wierenga sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the completion of the sale, the director directly owned 32,444 shares of the company’s stock, valued at $2,145,846.16. The trade was a 38.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 96,113 shares of company stock worth $5,994,726. Corporate insiders own 3.40% of the company’s stock.

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.