Peregrine Capital Management LLC Lowers Position in Cytokinetics, Incorporated $CYTK

Peregrine Capital Management LLC decreased its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 30.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 108,062 shares of the biopharmaceutical company’s stock after selling 46,387 shares during the period. Peregrine Capital Management LLC owned about 0.09% of Cytokinetics worth $6,866,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lisanti Capital Growth LLC purchased a new stake in shares of Cytokinetics in the third quarter valued at about $2,697,000. Hudson Bay Capital Management LP boosted its holdings in shares of Cytokinetics by 15.4% in the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock valued at $10,010,000 after acquiring an additional 24,345 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Cytokinetics in the third quarter valued at about $1,359,000. Moody Aldrich Partners LLC purchased a new stake in shares of Cytokinetics in the third quarter valued at about $4,532,000. Finally, Knott David M Jr purchased a new stake in shares of Cytokinetics in the third quarter valued at about $1,649,000.

Insider Buying and Selling

In related news, EVP Andrew Callos sold 7,449 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $66.02, for a total value of $491,782.98. Following the sale, the executive vice president owned 58,555 shares of the company’s stock, valued at approximately $3,865,801.10. This represents a 11.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $65.69, for a total value of $229,915.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares in the company, valued at approximately $10,109,822.38. The trade was a 2.22% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 144,005 shares of company stock worth $8,996,790 in the last quarter. Corporate insiders own 2.70% of the company’s stock.

Cytokinetics Trading Down 1.2%

Shares of CYTK opened at $65.48 on Friday. The stock has a market cap of $8.14 billion, a P/E ratio of -10.03 and a beta of 0.47. The company has a 50-day moving average of $64.27 and a two-hundred day moving average of $63.42. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $70.98.

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

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Cytokinetics from $74.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, March 17th. Needham & Company LLC lifted their target price on shares of Cytokinetics from $84.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. UBS Group lifted their target price on shares of Cytokinetics from $61.00 to $69.00 and gave the company a “neutral” rating in a report on Friday, March 6th. Royal Bank Of Canada lifted their target price on shares of Cytokinetics from $95.00 to $101.00 and gave the company an “outperform” rating in a report on Friday, February 20th. Finally, Bank of America reissued a “neutral” rating on shares of Cytokinetics in a report on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.55.

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.