Melqart Asset Management UK Ltd Reduces Stock Position in Cytokinetics, Incorporated $CYTK

Melqart Asset Management UK Ltd decreased its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 20.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 622,898 shares of the biopharmaceutical company’s stock after selling 160,876 shares during the quarter. Cytokinetics comprises approximately 3.9% of Melqart Asset Management UK Ltd’s holdings, making the stock its 10th largest position. Melqart Asset Management UK Ltd’s holdings in Cytokinetics were worth $39,579,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Bank of Montreal Can raised its position in Cytokinetics by 1.2% in the fourth quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock worth $845,000 after acquiring an additional 160 shares in the last quarter. Kennedy Capital Management LLC boosted its position in shares of Cytokinetics by 1.2% during the 4th quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock valued at $838,000 after purchasing an additional 162 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Cytokinetics by 46.0% during the 4th 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. CIBC Private Wealth Group LLC grew its stake in shares of Cytokinetics by 6.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,723 shares of the biopharmaceutical company’s stock worth $237,000 after purchasing an additional 239 shares during the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of Cytokinetics by 32.3% in the 3rd quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 262 shares in the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently commented on CYTK shares. Barclays increased their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a research note on Monday, April 6th. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Mizuho lifted their price target on Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 18th. UBS Group set a $119.00 price objective on shares of Cytokinetics in a research note on Wednesday, May 6th. Finally, HC Wainwright raised their target price on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and a consensus target price of $99.30.

Cytokinetics Stock Up 5.4%

CYTK stock opened at $75.21 on Wednesday. The company has a 50 day moving average of $70.67 and a two-hundred day moving average of $66.13. The company has a market cap of $9.36 billion, a price-to-earnings ratio of -11.00 and a beta of 0.42. Cytokinetics, Incorporated has a 12-month low of $31.99 and a 12-month high of $80.20.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. During the same quarter in the prior year, the firm earned ($1.36) earnings per share. The company’s revenue was up 1112.5% on a year-over-year basis. On average, research analysts anticipate that Cytokinetics, Incorporated will post -6.29 EPS for the current year.

Insider Activity

In other news, EVP Fady Ibraham Malik sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $67.98, for a total transaction of $237,930.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at $10,462,257.96. This trade represents a 2.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction dated 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 owned 385,330 shares of the company’s stock, valued at approximately $27,150,351.80. This represents a 1.91% 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 have sold 113,739 shares of company stock valued at $7,837,220. 2.60% of the stock is currently owned by company insiders.

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.