8,313 Shares in Cytokinetics, Incorporated $CYTK Purchased by PSP Research LLC

PSP Research LLC bought a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 8,313 shares of the biopharmaceutical company’s stock, valued at approximately $528,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its position in shares of Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 673 shares in the last quarter. Quarry LP acquired a new position in shares of Cytokinetics in the 3rd quarter valued at $30,000. TD Waterhouse Canada Inc. acquired a new position in shares of Cytokinetics in the 4th quarter valued at $32,000. Advisory Services Network LLC acquired a new position in shares of Cytokinetics in the 3rd quarter valued at $32,000. Finally, Johnson Financial Group Inc. acquired a new position in shares of Cytokinetics in the 3rd quarter valued at $40,000.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CYTK. Citizens Jmp boosted their price objective on Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a report on Wednesday, February 25th. Barclays increased their price objective on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, April 6th. Wall Street Zen upgraded Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Robert W. Baird set a $84.00 target price on Cytokinetics in a research report on Tuesday, March 10th. Finally, Morgan Stanley upped their target price on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Insider Transactions at Cytokinetics

In other news, CEO Robert I. Blum sold 7,500 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $77.92, for a total transaction of $584,400.00. Following the sale, the chief executive officer owned 400,330 shares in the company, valued at $31,193,713.60. This trade represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $65.00, for a total value of $1,030,705.00. Following the sale, the executive vice president owned 58,555 shares in the company, valued at $3,806,075. This trade represents a 21.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 177,476 shares of company stock worth $11,294,769 over the last quarter. 2.60% of the stock is currently owned by insiders.

Cytokinetics Price Performance

NASDAQ CYTK opened at $76.45 on Wednesday. Cytokinetics, Incorporated has a 1-year low of $29.81 and a 1-year high of $80.20. The company has a market capitalization of $9.51 billion, a P/E ratio of -11.18 and a beta of 0.38. The business has a 50 day moving average price of $66.51 and a 200 day moving average price of $64.83.

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, hitting 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. The business’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same period in the previous year, the business posted ($1.36) EPS. On average, research analysts expect that Cytokinetics, Incorporated will post -6.27 earnings per share for the current fiscal year.

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.