Granahan Investment Management LLC Sells 9,657 Shares of Cytokinetics, Incorporated $CYTK

Granahan Investment Management LLC reduced its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 11.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,464 shares of the biopharmaceutical company’s stock after selling 9,657 shares during the period. Granahan Investment Management LLC’s holdings in Cytokinetics were worth $4,776,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CYTK. EverSource Wealth Advisors LLC lifted its stake in Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Cytokinetics during the 4th quarter worth approximately $27,000. Kestra Advisory Services LLC bought a new position in shares of Cytokinetics during the 4th quarter worth approximately $29,000. Quarry LP bought a new position in shares of Cytokinetics during the 3rd quarter worth approximately $30,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in shares of Cytokinetics in the fourth quarter valued at approximately $32,000.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Mizuho boosted their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 24th. Stifel Nicolaus raised their price objective on Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. UBS Group raised Cytokinetics from a “neutral” rating to a “buy” rating and lifted their target price for the company from $69.00 to $115.00 in a research report on Monday, June 29th. JPMorgan Chase & Co. upped their target price on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Finally, Barclays increased their price target on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, April 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $99.90.

Insider Buying and Selling at Cytokinetics

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 sale, the chief executive officer directly owned 377,820 shares in the company, valued at $30,988,796.40. This represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $85.80, for a total transaction of $1,287,000.00. Following the completion of the transaction, the executive vice president directly owned 58,555 shares in the company, valued at approximately $5,024,019. This represents a 20.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 132,036 shares of company stock valued at $9,816,694 over the last three months. 2.60% of the stock is owned by insiders.

Cytokinetics Trading Down 1.4%

Shares of NASDAQ CYTK opened at $80.74 on Friday. The firm has a market cap of $10.05 billion, a P/E ratio of -11.80 and a beta of 0.42. Cytokinetics, Incorporated has a 1-year low of $32.89 and a 1-year high of $88.31. The business’s 50 day moving average is $78.54 and its 200-day moving average is $69.83.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. The company’s revenue was up 1112.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.36) EPS. Analysts forecast that Cytokinetics, Incorporated will post -6.2 EPS for the current year.

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.