Cytokinetics, Incorporated $CYTK Shares Sold by Melqart Asset Management UK Ltd

Melqart Asset Management UK Ltd lessened its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 40.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 783,774 shares of the biopharmaceutical company’s stock after selling 542,945 shares during the period. Cytokinetics comprises 5.7% of Melqart Asset Management UK Ltd’s portfolio, making the stock its 4th biggest holding. Melqart Asset Management UK Ltd’s holdings in Cytokinetics were worth $43,076,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. Lisanti Capital Growth LLC acquired a new stake in Cytokinetics during the third quarter worth $2,697,000. Sanders Morris Harris LLC acquired a new position in Cytokinetics during the third quarter worth $1,182,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Cytokinetics in the 3rd quarter valued at $1,359,000. Moody Aldrich Partners LLC acquired a new stake in shares of Cytokinetics in the 3rd quarter valued at $4,532,000. Finally, Norges Bank bought a new stake in shares of Cytokinetics in the 2nd quarter worth about $39,122,000.

Insider Transactions at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,907 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $60.72, for a total transaction of $176,513.04. Following the transaction, the executive vice president directly owned 138,629 shares in the company, valued at approximately $8,417,552.88. This represents a 2.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 7,931 shares of the firm’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $60.72, for a total transaction of $481,570.32. Following the completion of the transaction, the chief executive officer directly owned 391,673 shares in the company, valued at $23,782,384.56. This trade represents a 1.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 96,113 shares of company stock worth $5,994,726 in the last ninety days. 2.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on CYTK. Jefferies Financial Group restated a “buy” rating and issued a $90.00 price target on shares of Cytokinetics in a research report on Friday, January 9th. Morgan Stanley set a $90.00 target price on shares of Cytokinetics in a research note on Thursday, January 8th. Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a report on Monday, December 22nd. Robert W. Baird set a $84.00 price target on Cytokinetics in a research report on Tuesday. Finally, Needham & Company LLC raised their price target on Cytokinetics from $84.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Seventeen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $89.00.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $60.06 on Friday. The stock’s fifty day moving average price is $63.92 and its two-hundred day moving average price is $60.26. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $70.98. The company has a market cap of $7.40 billion, a price-to-earnings ratio of -9.20 and a beta of 0.56.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The firm had revenue of $17.76 million during the quarter, compared to the consensus estimate of $8.02 million. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the business earned ($1.26) earnings per share. On average, equities analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

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.