Rock Springs Capital Management LP Increases Holdings in Cytokinetics, Incorporated $CYTK

Rock Springs Capital Management LP lifted its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 26.5% in the first quarter, Holdings Channel reports. The fund owned 45,364 shares of the biopharmaceutical company’s stock after purchasing an additional 9,511 shares during the quarter. Rock Springs Capital Management LP’s holdings in Cytokinetics were worth $2,990,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Cytokinetics by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after purchasing an additional 191,336 shares during the period. State Street Corp increased its position in shares of Cytokinetics by 3.7% during the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock valued at $370,139,000 after purchasing an additional 207,961 shares during the last quarter. Deep Track Capital LP raised its holdings in Cytokinetics by 17.8% during the 3rd 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 period. Geode Capital Management LLC raised its holdings in Cytokinetics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after buying an additional 15,815 shares during the period. Finally, Vestal Point Capital LP lifted its position in Cytokinetics by 14.8% in the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after buying an additional 384,469 shares during the last quarter.

Cytokinetics Trading Down 0.1%

Shares of Cytokinetics stock opened at $80.62 on Tuesday. The stock’s fifty day moving average price is $78.64 and its 200-day moving average price is $70.01. Cytokinetics, Incorporated has a 12 month low of $32.89 and a 12 month high of $88.31. The firm has a market cap of $10.03 billion, a P/E ratio of -11.79 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting 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. The business’s quarterly revenue was up 1112.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.36) earnings per share. Analysts forecast that Cytokinetics, Incorporated will post -6.2 earnings per share for the current year.

Analysts Set New Price Targets

CYTK has been the topic of a number of analyst reports. Wells Fargo & Company boosted their price objective on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Truist Financial set a $106.00 price target on Cytokinetics in a research note on Tuesday, May 5th. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Morgan Stanley increased their target price on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, HC Wainwright boosted their target price on shares of Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $99.90.

Insider Buying and Selling at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $86.62, for a total value of $303,170.00. Following the transaction, the executive vice president directly owned 153,902 shares in the company, valued at approximately $13,330,991.24. This trade represents a 2.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $85.80, for a total value of $1,287,000.00. Following the completion of the transaction, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $5,024,019. The trade was a 20.39% 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 three months, insiders have sold 132,036 shares of company stock worth $9,816,694. 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.