Nicholas Investment Partners LP Purchases 8,123 Shares of Cytokinetics, Incorporated $CYTK

Nicholas Investment Partners LP grew its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 13.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 70,240 shares of the biopharmaceutical company’s stock after buying an additional 8,123 shares during the period. Nicholas Investment Partners LP’s holdings in Cytokinetics were worth $4,463,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CYTK. Kestra Advisory Services LLC purchased a new stake in Cytokinetics in the 4th quarter worth about $29,000. TD Waterhouse Canada Inc. purchased a new stake in Cytokinetics in the 4th quarter worth about $32,000. Northwestern Mutual Wealth Management Co. increased its holdings in Cytokinetics by 46.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after acquiring an additional 171 shares during the last quarter. Quarry LP purchased a new stake in Cytokinetics in the 3rd quarter worth about $30,000. Finally, Advisory Services Network LLC purchased a new stake in Cytokinetics in the 3rd quarter worth about $32,000.

Insider Buying and Selling

In related news, CEO Robert I. Blum sold 36,601 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $2,274,752.15. Following the completion of the transaction, the chief executive officer directly owned 430,330 shares in the company, valued at $26,745,009.50. The trade was a 7.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 12,033 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total value of $747,850.95. Following the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $9,565,009.30. The trade was a 7.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 171,989 shares of company stock worth $11,393,064 over the last ninety days. 2.60% of the stock is owned by corporate insiders.

Cytokinetics Stock Up 1.3%

Cytokinetics stock opened at $70.15 on Friday. Cytokinetics, Incorporated has a 52 week low of $31.99 and a 52 week high of $80.20. The business has a 50-day simple moving average of $70.40 and a 200 day simple moving average of $66.06. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of -10.26 and a beta of 0.42.

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CYTK. Mizuho lifted their price objective on Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, March 18th. Wells Fargo & Company lifted their price objective on Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Needham & Company LLC lifted their price objective on Cytokinetics from $85.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, UBS Group set a $119.00 price objective on Cytokinetics in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $99.30.

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.