Seven Fleet Capital Management LP Takes $657,000 Position in Cytokinetics, Incorporated $CYTK

Seven Fleet Capital Management LP acquired a new stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 10,335 shares of the biopharmaceutical company’s stock, valued at approximately $657,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CYTK. Kemnay Advisory Services Inc. purchased a new position in Cytokinetics during the 4th quarter valued at $27,000. Kestra Advisory Services LLC bought a new stake in shares of Cytokinetics during the fourth quarter worth $29,000. TD Waterhouse Canada Inc. bought a new stake in shares of Cytokinetics during the fourth quarter worth $32,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Cytokinetics by 46.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after purchasing an additional 171 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of Cytokinetics during the third quarter valued at $30,000.

Insider Buying and Selling at Cytokinetics

In related news, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $1,169,278.72. This represents a 24.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $70.46, for a total transaction of $528,450.00. Following the completion of the sale, the chief executive officer directly owned 385,330 shares in the company, valued at $27,150,351.80. This trade represents a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 113,739 shares of company stock valued at $7,837,220. Company insiders own 2.60% of the company’s stock.

Cytokinetics Stock Up 0.9%

NASDAQ:CYTK opened at $78.78 on Friday. The stock has a market capitalization of $9.80 billion, a price-to-earnings ratio of -11.52 and a beta of 0.42. Cytokinetics, Incorporated has a 52 week low of $31.99 and a 52 week high of $80.20. The firm has a 50 day moving average of $71.19 and a 200 day moving average of $66.28.

Cytokinetics (NASDAQ:CYTK) last announced its 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 business had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. During the same quarter last year, the firm earned ($1.36) earnings per share. The firm’s quarterly revenue was up 1112.5% compared to the same quarter last year. As a group, analysts expect that Cytokinetics, Incorporated will post -6.29 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CYTK. HC Wainwright upped their price target on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Royal Bank Of Canada reissued an “outperform” rating and issued a $119.00 price objective on shares of Cytokinetics in a research report on Wednesday. Mizuho upped their target price on shares of Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 18th. Citigroup assumed coverage on shares of Cytokinetics in a research note on Monday, May 18th. They issued a “buy” rating and a $99.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $99.30.

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.