Rock Springs Capital Management LP Purchases 9,511 Shares of Cytokinetics, Incorporated $CYTK

Rock Springs Capital Management LP lifted its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 26.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,364 shares of the biopharmaceutical company’s stock after buying an additional 9,511 shares during the period. Rock Springs Capital Management LP’s holdings in Cytokinetics were worth $2,990,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Bank of Montreal Can grew its stake in shares of Cytokinetics by 1.2% during the 4th quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock valued at $845,000 after purchasing an additional 160 shares during the period. Kennedy Capital Management LLC grew its position in Cytokinetics by 1.2% during the fourth quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock valued at $838,000 after buying an additional 162 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in Cytokinetics by 46.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after buying an additional 171 shares during the last quarter. Vident Advisory LLC increased its holdings in Cytokinetics by 1.4% during the fourth quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock valued at $1,046,000 after buying an additional 234 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its position in Cytokinetics by 6.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,723 shares of the biopharmaceutical company’s stock worth $237,000 after acquiring an additional 239 shares during the period.

Wall Street Analyst Weigh In

Several research firms have recently commented on CYTK. Wells Fargo & Company upped their price objective on Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Royal Bank Of Canada cut their price objective on Cytokinetics from $119.00 to $117.00 and set an “outperform” rating for the company in a research note on Tuesday, July 7th. Truist Financial set a $106.00 target price on shares of Cytokinetics in a research note on Tuesday, May 5th. HC Wainwright lifted their price target on shares of Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a report on Monday, May 11th. Finally, Barclays increased their price objective on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $99.90.

Cytokinetics Price Performance

Shares of CYTK opened at $80.62 on Tuesday. Cytokinetics, Incorporated has a 1 year low of $32.89 and a 1 year high of $88.31. The company has a 50 day simple moving average of $78.64 and a two-hundred day simple moving average of $70.01. 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 released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. Cytokinetics’s quarterly revenue was up 1112.5% compared to the same quarter last year. During the same period last year, the firm posted ($1.36) EPS. On average, sell-side analysts anticipate that Cytokinetics, Incorporated will post -6.2 earnings per share for the current year.

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $82.02, for a total transaction of $615,150.00. Following the completion of the transaction, the chief executive officer owned 377,820 shares of the company’s stock, valued at $30,988,796.40. This represents a 1.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the transaction, the director owned 15,784 shares of the company’s stock, valued at approximately $1,169,278.72. The trade was a 24.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 132,036 shares of company stock worth $9,816,694. 2.60% of the stock is owned by corporate insiders.

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.