Seven Fleet Capital Management LP Grows Stock Holdings in Cytokinetics, Incorporated $CYTK

Seven Fleet Capital Management LP increased its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 492.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,269 shares of the biopharmaceutical company’s stock after purchasing an additional 50,934 shares during the period. Cytokinetics accounts for approximately 1.3% of Seven Fleet Capital Management LP’s portfolio, making the stock its 20th largest position. Seven Fleet Capital Management LP’s holdings in Cytokinetics were worth $4,038,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Cytokinetics by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after buying an additional 191,336 shares during the last quarter. State Street Corp increased its holdings in shares of Cytokinetics by 3.7% in the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock valued at $370,139,000 after acquiring an additional 207,961 shares during the last quarter. Deep Track Capital LP increased its holdings in shares of Cytokinetics by 17.8% in 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 acquiring an additional 650,000 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Cytokinetics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock worth $194,214,000 after acquiring an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP raised its position in shares of Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after acquiring an additional 384,469 shares in the last quarter.

Cytokinetics Trading Down 4.1%

NASDAQ:CYTK opened at $77.13 on Friday. Cytokinetics, Incorporated has a 12-month low of $32.89 and a 12-month high of $88.31. The stock’s 50 day simple moving average is $78.75 and its 200-day simple moving average is $70.39. The firm has a market cap of $9.60 billion, a P/E ratio of -11.28 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last issued 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 analyst estimates of $8.52 million. During the same period in the prior year, the business earned ($1.36) earnings per share. Cytokinetics’s revenue for the quarter was up 1112.5% compared to the same quarter last year. Research analysts forecast that Cytokinetics, Incorporated will post -6.2 EPS for the current fiscal year.

Cytokinetics News Roundup

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: UK approval and reimbursement support: The Medicines and Healthcare products Regulatory Agency authorized MYQORZO® (aficamten) across the United Kingdom for eligible adults with symptomatic obstructive hypertrophic cardiomyopathy. NICE also recommended aficamten for use in England and Wales, potentially expanding access to roughly 6,600 NHS patients. Commercial availability is expected later this year, creating a potential new revenue stream. Cytokinetics wins UK approval, NICE backing for heart disease drug
• Positive Sentiment: Encouraging clinical evidence: The UK decisions were supported by the phase 3 SEQUOIA-HCM trial, in which aficamten significantly improved peak oxygen uptake versus placebo. This strengthens the commercial case for the company’s lead cardiovascular drug. Cytokinetics announces MHRA authorization and NICE guidance
• Positive Sentiment: Generally favorable analyst view: Brokerages maintain a consensus “Moderate Buy” rating, with a reported average price target near $99.90, above recent trading levels. Some firms have set targets between $105 and $118. Cytokinetics receives Moderate Buy consensus rating
• Neutral Sentiment: Upcoming earnings catalyst: Analysts expect CYTK could exceed estimates in its upcoming second-quarter report. However, Cytokinetics remains unprofitable, and its prior quarter reported a loss of $1.67 per share despite revenue exceeding expectations. Cytokinetics earnings expectations
• Negative Sentiment: Continued insider selling: EVP Andrew Callos sold 14,000 shares worth approximately $1.12 million, reducing his ownership by 19.3%. The sale was made under a pre-arranged Rule 10b5-1 plan, limiting its value as a discretionary bearish signal, but it follows a broader pattern of insider sales without reported purchases in recent months. SEC insider trading filing

Insiders Place Their Bets

In other news, EVP Andrew Callos sold 15,000 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $74.08, for a total transaction of $1,111,200.00. Following the transaction, the executive vice president directly owned 58,555 shares in the company, valued at $4,337,754.40. The trade was a 20.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $84.92, for a total transaction of $636,900.00. Following the transaction, the chief executive officer directly owned 377,830 shares of the company’s stock, valued at $32,085,323.60. This represents a 1.95% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 118,679 shares of company stock worth $9,396,849. 2.60% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Citigroup started coverage on Cytokinetics in a report on Monday, May 18th. They issued a “buy” rating and a $99.00 price target for the company. Truist Financial set a $106.00 price objective on shares of Cytokinetics in a report on Tuesday, May 5th. Stifel Nicolaus boosted their price objective on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and upped their target price for the company from $69.00 to $115.00 in a report on Monday, June 29th. Finally, JPMorgan Chase & Co. increased their target price on shares of Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cytokinetics currently has an average rating of “Moderate Buy” and an average target price of $99.90.

Cytokinetics Company 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.