Inceptionr LLC Makes New $1.05 Million Investment in Cytokinetics, Incorporated $CYTK

Inceptionr LLC bought a new position in Cytokinetics, Incorporated (NASDAQ:CYTK) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 15,974 shares of the biopharmaceutical company’s stock, valued at approximately $1,053,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Millennium Management LLC grew its position in shares of Cytokinetics by 361.9% in 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 in the last quarter. Cetera Investment Advisers raised its stake in shares of Cytokinetics by 12.4% during the 2nd quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock valued at $219,000 after purchasing an additional 731 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares in the last quarter. Gabelli Funds LLC lifted its holdings in Cytokinetics by 29.4% during the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock worth $278,000 after purchasing an additional 1,910 shares in the last quarter. Finally, California Public Employees Retirement System lifted its holdings in Cytokinetics by 10.8% during the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock worth $4,712,000 after purchasing an additional 13,911 shares in the last quarter.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $70.46, for a total value of $528,450.00. Following the sale, the chief executive officer directly owned 385,330 shares of the company’s stock, valued at $27,150,351.80. This trade represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of Cytokinetics stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the sale, the executive vice president owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. The trade was a 21.31% decrease in their ownership of the stock. 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 90 days, insiders sold 132,036 shares of company stock worth $9,816,694. 2.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CYTK has been the subject of a number of recent analyst reports. Truist Financial set a $106.00 target price on Cytokinetics in a report on Tuesday, May 5th. JPMorgan Chase & Co. increased their price target 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 objective on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Mizuho boosted their price objective on shares of Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. Finally, Citigroup began coverage on shares of Cytokinetics in a research note on Monday, May 18th. They issued a “buy” rating and a $99.00 target price on the stock. 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.com, Cytokinetics has an average rating of “Moderate Buy” and a consensus target price of $99.90.

Cytokinetics Stock Down 1.4%

Cytokinetics stock opened at $80.74 on Friday. The stock has a market cap of $10.05 billion, a price-to-earnings ratio of -11.80 and a beta of 0.42. The business has a 50-day simple moving average of $78.54 and a 200 day simple moving average of $69.83. Cytokinetics, Incorporated has a 52 week low of $32.89 and a 52 week high of $88.31.

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, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. The business’s revenue was up 1112.5% on a year-over-year basis. During the same period in the previous year, the business earned ($1.36) EPS. On average, research analysts anticipate that Cytokinetics, Incorporated will post -6.2 earnings per share for the current year.

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.