Melqart Asset Management UK Ltd Sells 160,876 Shares of Cytokinetics, Incorporated $CYTK

Melqart Asset Management UK Ltd trimmed its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 20.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 622,898 shares of the biopharmaceutical company’s stock after selling 160,876 shares during the quarter. Cytokinetics makes up 3.9% of Melqart Asset Management UK Ltd’s portfolio, making the stock its 10th biggest position. Melqart Asset Management UK Ltd owned 0.51% of Cytokinetics worth $39,579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Kestra Advisory Services LLC acquired a new stake in shares of Cytokinetics in the 4th quarter valued at about $29,000. TD Waterhouse Canada Inc. bought a new stake in Cytokinetics in the fourth quarter valued at about $32,000. Northwestern Mutual Wealth Management Co. raised its stake 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 in the last quarter. Quarry LP acquired a new stake in Cytokinetics during the third quarter valued at approximately $30,000. Finally, Advisory Services Network LLC bought a new position in Cytokinetics during the 3rd quarter worth approximately $32,000.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Truist Financial set a $106.00 price target on Cytokinetics in a report on Tuesday, May 5th. Barclays lifted their price objective on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. 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. Citizens Jmp increased their target price on shares of Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 25th. Finally, Mizuho raised their price target on shares of Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 18th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $99.30.

Cytokinetics Price Performance

Shares of CYTK stock opened at $75.21 on Wednesday. Cytokinetics, Incorporated has a 12-month low of $31.99 and a 12-month high of $80.20. The firm has a market capitalization of $9.36 billion, a price-to-earnings ratio of -11.00 and a beta of 0.42. The business has a 50 day simple moving average of $70.67 and a 200 day simple moving average of $66.13.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. During the same quarter last year, the firm posted ($1.36) EPS. The company’s revenue was up 1112.5% compared to the same quarter last year. On average, equities analysts anticipate that Cytokinetics, Incorporated will post -6.29 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In related news, CEO Robert I. Blum sold 7,500 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $70.46, for a total value of $528,450.00. Following the completion of the sale, the chief executive officer owned 385,330 shares of the company’s stock, valued at $27,150,351.80. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Edward M. Md Kaye sold 2,933 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $76.09, for a total transaction of $223,171.97. Following the transaction, the director directly owned 10,283 shares in the company, valued at approximately $782,433.47. The trade was a 22.19% 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. Over the last quarter, insiders sold 113,739 shares of company stock valued at $7,837,220. 2.60% of the stock is currently owned by 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.