Peregrine Capital Management LLC Trims Stake in Cytokinetics, Incorporated $CYTK

Peregrine Capital Management LLC lowered its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 30.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 108,062 shares of the biopharmaceutical company’s stock after selling 46,387 shares during the quarter. Peregrine Capital Management LLC’s holdings in Cytokinetics were worth $6,866,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of CYTK. Woodline Partners LP raised its position in shares of Cytokinetics by 676.1% in the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock valued at $90,559,000 after buying an additional 1,435,422 shares during the last quarter. Deep Track Capital LP raised its position in shares of Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after buying an additional 650,000 shares during the last quarter. Foresite Capital Management IV LLC acquired a new position in shares of Cytokinetics in the third quarter valued at approximately $25,188,000. Rosalind Advisors Inc. acquired a new position in shares of Cytokinetics in the second quarter valued at approximately $13,216,000. Finally, Vestal Point Capital LP raised its position in shares of Cytokinetics by 14.8% in the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after buying an additional 384,469 shares during the last quarter.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 36,601 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were 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 owned 430,330 shares of the company’s stock, valued at approximately $26,745,009.50. This represents a 7.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Andrew Callos sold 26,000 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the transaction, the executive vice president directly owned 50,440 shares of the company’s stock, valued at $3,120,722.80. This trade represents a 34.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 144,005 shares of company stock worth $8,996,790. 2.70% of the stock is currently owned by company insiders.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $65.48 on Friday. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $70.98. The company has a 50 day moving average price of $64.27 and a 200 day moving average price of $63.42. The firm has a market capitalization of $8.14 billion, a price-to-earnings ratio of -10.03 and a beta of 0.47.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The company had revenue of $17.76 million for the quarter, compared to analysts’ expectations of $8.02 million. During the same period last year, the business earned ($1.26) earnings per share. The business’s revenue was up 4.9% compared to the same quarter last year. As a group, equities analysts forecast that Cytokinetics, Incorporated will post -6.22 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. UBS Group boosted their price objective on shares of Cytokinetics from $61.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, March 6th. JPMorgan Chase & Co. boosted their price objective on shares of Cytokinetics from $74.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, March 17th. Mizuho boosted their price objective on shares of Cytokinetics from $84.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, March 18th. Jefferies Financial Group reissued a “buy” rating and issued a $90.00 price objective on shares of Cytokinetics in a research report on Friday, January 9th. Finally, Needham & Company LLC boosted their price objective on shares of Cytokinetics from $84.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $90.55.

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.